KEY 


TO  THE 


ELEMENTARY  SET  BUDGET  121 


OF 


HOWE'S  BOOKKEEPING  AND  ACCOUNTANCY 

(Copyright  1910) 


UC-NRLF 


BY 


H.  M.  HOWE,  PH.D 


This  key  is  loo/aed  to  the  teacher  and 
must  not  be  given  to  others.  Return^it 
to  the  publisher  when  no  longer  required 


THE  H.  M.  ROWE  CO, 

BALTIMORE,  MD. 


EDUCATION 


H 


EDUCATION 


TO  THE  TEACHER. 

There  are  three  methods  of  teaching  the  beginning  work  in 
Rowe's  Bookkeeping  and  Accountancy,  namely;  first,  the  illus- 
trated theory,  or  theory  and  practice  method,  which  includes  the 
business  papers  and  office  practice  work;  second,  the  theory,  or 
memorandum  method,  which  omits  the  business  papers  and  office 
practice  for  the  first  month;  third,  the  account,  or  skeleton  ledger 
method.  It  will  be  seen  that  the  first  two  methods  begin  with 
transactions  and  lead  to  accounts,  while  the  third  method  is  the 
reverse  of  the  first  two  in  that  it  begins  with  accounts  and  takes  up 
transactions  later.  A  syllabus  is  supplied  herewith,  outlining  the 
course  under  each  method,  and  is  for  the  teacher's  use  only.  He 
should  select  the  method  which  he  desires  to  use  and  the  syllabuses 
are  supplied  to  guide  him  in  assigning  work  according  to  the  method 
to  be  followed. 

When  it  is  desired  that  the  student  shall  use  the  business  papers 
and  perform  the  office  practice  in  disposing  of  the  transactions  for 
September,  in  other  words,  to  follow  the  budget  work  exactly  as 
it  is  given  therein,  syllabus  No.  1  should  be  selected.  When  it  is 
desired  that  the  student  shall  omit  the  business  papers  and  office 
practice  in  disposing  of  the  transactions  for  September,  in  other 
words,  that  he  shall  have  theory  alone  at  the  start,  the  course 
outlined  in  syllabus  No.  2  should  be  selected.  When  it  is  desired 
that  the  student  shall  study  accounts  before  he  studies  transactions 
after  the  plan  known  as  the  account  or  skeleton  method,  before 
taking  up  the  work  of  the  budget,  the  course  outlined  in  syllabus 
No.  3  should  be  selected,  after  which  he  may  begin  work  in  the 
budget  as  outlined  in  either  syllabus  No.  1  or  syllabus  No.  2. 


No.  1  . 


"THE  ILLUSTRATED  THEORY  OR 

THEORY  AND  PRACTICE 

METHOD." 

When  it  is  elected  by  the  teacher  to 
follow  this  course  of  study,  the  following 
instructions  should  be  given  to  the  classes. 

1.  Loosen  the  title  page  by  cutting  the 
paper  at  the  upper  and  lower  right  hand 
corners    at    the    lines    indicated.     Read 
pages  1,  2,  3  and  4  of  the  budget,  preparing 
yourself  to  answer  questions  on  page  3. 

2.  Beginning  on  page  5,  follow  the  trans- 
actions and  instructions  relating  thereto, 
all  through  the  budget  without  omitting 
anything,    including    the    office    practice 
as  well  as  the  preparation  of  the  outgoing 
papers  and  the  drills  and  exercises  called 
for  from  the  text-book.     (As  this  course 
is  fully  outlined  step  by  step  in  thebudget, 
no  additional  instructions  are  necessary. 

SYLLABUS  No.  2. 

"THE  THEORY  OR  MEMORANDUM 
METHOD." 

When  it  is  elected  to  follow  this  course 
of  study,  the  following  instructions 
should  be  given  to  the  classes. 

1.  Loosen  the  title  page  at  the  corners 
as  indicated  by  the  lines  in  the  upper  and 
lower  right  hand  corners  of  the  budget, 
then  read  pages  1,  2,  3,  and  4,  preparing 
yourself  to  answer  questions  on  page  3. 

2.  Beginning   on   page   5,    follow    the 
transactions    and    instructions    relating 
thereto  in  the  order  given,  omitting  that 
part  of  the  instructions  contained  in  the 
paragraphs    headed    "Office    Practice." 
Make  all  entries  from  Mr.  Grace's  state- 
ment  of   the   transactions,    disregarding 
the    business    papers    received.     These 
instructions  apply  to  the  month  of  Sept- 
tember  only.     Beginning  with  the  trans- 
actions for  October,  follow  the  instruc- 
tions given  on  page  41  of  the  budget.     For 
the  remainder  of  the  course,  follow  the 
instructions  exactly  as  outlined  therein. 


(If  the  teacher  desires,  he  may  slip  out 
of  the  budgets,  before  handing  them  tc 
the  students,  the  business  papers  for- the 
month  of  September.) 

SYLLABUS  No.  3. 

"THE  ACCOUNT  OR  SKELETON 
LEDGER  METHOD." 

When  it  is  elected  to  follow  this  course 
of  study,  the  following  instructions 
should  be  given  to  the  classes.  Proceed 
as  follows: 

1.  The    budgets     and    accompanying 
blanks  and  stationery  are  not  used  at  the 
start,  and  may  be  laid  aside. 

2.  Read  and  study  pages  1,  2,  3,  4,  5 
and  6  of  the  text-book. 

3.  Prepare   ledger   account    called  for 
in  1[48. 

4.  Read  and  study  pages  8,  9,   10  and 
11. 

5.  Prepare   exercises   in   personal   ac- 
counts, pages  12,  13  and  14. 

6.  Read    and    study    ownership     ac- 
counts, pages  16,  17  and  18. 

7.  Prepare  ledger  account   called   for 
in  1[63a,  page  19. 

8.  Read  f64  to  68,  page  20. 

9.  Prepare  ledger  accounts  called  for 
in  H68. 

10.  Read  1f69  to  72b. 

11.  Prepare  ledger  accounts  called  for 
in  H72c  and  73e. 

12.  Read  H73  to  89. 

13.  Prepare  ledger  accounts  called  for 
in  1|98. 

14.  Read  H"90b  to  99. 

15.  Read  flOO  to  111. 

16.  Prepare  ledger  account  called  for 
in  Ifllla. 

17.  Read  Iflllb  to  117. 

18.  Prepare  ledger  accounts  called  for 
in  1[117. 

If  (In  like  manner,  the  text-book  work 
may  be  assigned  as  it  is  outlined  in  the 
text-book  as  far  as  page  153,  or  it  may  be 
discontinued  at  any  point  desired  by  the 
teacher  when  the  transaction  work  is 
taken  up  according  to  syllabus  No.  1  or 
syllabus  No.  2  as  preferred.) 


TO  THE  TEACHER. 

This  key  is  arranged  in  three  sections,  the  first  section  contain- 
ing the  results  of  the  regular  transaction  work  in  the  order  in 
which  they  are  handed  to  the  teacher  for  approval. 

The  second  and  third  sections  contain  complementary  work. 
When  syllabuses  Nos.  1  and  2  are  followed,  all  complementary 
work  will  be  found  in  section  two,  in  the  order  that  it  appears 
on  the  progress  card.  In  this  section  of  the  key,  the  budget  date 
corresponding  to  the  date  on  the  progress  card,  the  name  of 
the  exercise,  and  the  page  of  the  text-book  or  budget  from  which 
the  work  is  taken,  is  given. 

The  third  section  of  the  key  contains  the  results  of  the  exercises 
called  for  in  the  text,  when  syllabus  No.  3  is  followed,  which  are 
not  included  in  the  second  section.  An  index  is  provided  to  assist 
in  locating  complementary  work.  It  must  be  understood  that 
when  syllabuses  Nos.  1  and  2  are  followed,  no  use  is  made  of  the 
third  section  of  the  key. 

IMPORTANT. 

Teachers  will  find  that  the  exercises  are  referred  to  as  com- 
plementary instead  of  supplementary,  for  the  reason  that  they  are 
intended  to  complete  the  student's  training  in  those  parts  of  his 
work  which  can  not  be  covered  sufficiently  in  his  regular  work 
without  useless  repetition  of  transaction  work.  If  students  get 
the  idea  that  this  complementary  work  is  really  supplementary, 
they  are  inclined  to  slight  it,  whereas  it  is,  in  many  instances, 
the  most  important  work  in  the  course,  and  of  the  greatest  benefit 
to  him. 


INDEX  TO  COMPLEMENTARY  WORK. 


EXERCISE 


BUDGET  8YLLA-  TEXT  SYLLABUS 

BUSES  NO.    1-2  NO.   3 

Administrative  Expense  Accounts 51 

Analysis  Sheets 60 

Bank  Discount 31 

Capital  Accounts  of  Owners 22  22 

Cash  Accounts 15-16  15-16 

Combined  Trading  and  Front  and  Loss  Statements 57  to  59 

Delivery  Equipment 32  32 

Distributing  Profits 57 

Double  Entry  Books,  Opening  of 32 

Drafts,  Writing  of 29 

Expense  Accounts 19  19 

Furniture  &  Fixtures  Investment,  Repairs  &  Renewals 31  31 

Insurance  Accounts 51-52 

Interest  and  Discount 29  29 

Notes,  Writing  of 19 

Notes  Receivable  Accounts 18  18 

Notes  Payable  Accounts 18  18 

Personal  Accounts 17  17 

Personal  Accounts,  Proprietor's  and  Partner's 22  22 

Profit  and  Loss  Statements 55-56 

Purchase  and  Sales  Discounts 42 

Real  Estate  Investment,  Expense  and  Income  Accounts 30  30 

Sales  Expense  Accounts 50 

Trading  Accounts 20-21  20-21 

Trading  Statements 43  to  49 

Trading  &  P.  &  L.  Statements  &  Statements  of  R.  &  L. 
for  October 

1.  H.  M.  Grace 23-24 

2.  J.  B.  Mason 25-26 

3.  W.  B.  Walker 27-28 

Trading  &  P.  &  L.  Statements  &  Statements  of  R.  &  L. 

for  November 

1.  H.  M.  Grace 33-34 

2.  John  B.  Arnold. : 35-36 

3.  J.  M.  Warren 37-38 

4.  F.  B.  Clark 39-40 

Warehouse  Labor 41 

Warehouse  Supplies. . ,-. 41 

NOTE:  When  syllabuses  No.  1  or  2  are  followed,  the  complementary  exercises  called 
for  on  the  progress  card  and  taken  from  the  budget  or  from  references  in  the  budget  to 
the  text,  are  indexed  in  the  budget  column.  When  the  account  method  using  the  text 
alone  according  to  syllabus  No.  3  is  followed,  the  results  of  the  complementary  work 
are  indexed  in  the  text  column. 


ELEMENTARY  SET. 

Outgoing  Papers. 


Sept.  15. 

Sept.  30. 

Oct.  15. 

Oct.  31. 

<a 
& 

Amount. 

1 

Amount. 

1 

Amount. 

1 

Amount. 

Bills 

3 
3 
3 
6 
10 
10 
13 
14 
15 

60 
90 
81  30 
59  10 
48 
152 
52  20 
236 
306 

17 
19 
21 
24 
26 
28 
30 

43  50 
84 
101 
296  32 
99  40 
121  95 
50  50 

1 
5 
6 
7 
7 
7 
11 
12 
14 

138  25 

6  60 
171  65 
225  55 
185  85 
184  60 
1140  70 
1143  75 
1226  35 

21 
22 
24 
25 
26 
27 
27 
31 

154  45 
8223 
531 
188  15 
12738 
528 
163  07 
91  90 

9 

1084  60 

7 

796  67 

9 

4423  30 

8 

1866  18 

Checks  

5 
6 
8 
10 
12 
13 
15 
15 

719  19 
8  35 
155 
67  92 
44  58 
3318  86 
6  85 
35 

17 
18 
20 
28 
31 
31 
31 

1633 
236  70 
4  65 
12  68 
35 
45 
30 

Cash  

Deposits. 

Oct  

1 
12 
18 
19 
31 

2439  35 
2720  53 
406 
843  19 
1375  15 

38036 
11  50 

8 

4355  75 

7 

391  86 

Our  Notes  and  Acceptances 

4 
14 

251  56 
168  75 

21 
29 
31 

923  23 
224 
500 



2 

42031 

3 

1647  23 

Others'  Notes,  Acceptances,  and  Time  D 

rafts  

18 
26 
31 

306 
75 
159  45 

3 

54045 

Corrected  Bill  

17 

1221  52 

ELEMENTARY  SET. 

REGULAR  WORK. 

September. 
Sept.  1-30. 

Purchases  Book. 


2.  Anderson  &  Richmond. 
5.  J.  A.  Amsbaugh  
16   B   F  Crider 

5330 
9458 
155 

oept.  i-du. 
Sales  Book. 

3P     T>     WntQnn  Ar  Pn 

Afi 

19.  R.  H.  Melton  

247  50 

SMitoIipll  Prnv    On 

OU 
QO 

24   J.  A.  Amsbaugh 

251  56 

01    0/1 

30.  Anderson  &  Richmond. 

81  06 

6.  George  R.  Hart 

ol  oU 

59  10 

30.  R.  H.  Melton 

759  50 

10     TVTitpfipll   Prnv     C*f\ 

AQ 

Purchases  Dr  

2392  50 

10.  George  R.  Hart  

152 

Sept.  1-30. 

13.  C.  D.  Watson  &  Co.  .  . 
14.  J.  A.  Amsbaugh    . 

52  20 
236 

Journal. 
30 

15.  F.  J.  Ralston  &Co.... 
17.  C.  D.  Watson  &  Co.  .  . 
19.  George  R.  Hart  .  . 

306 
43  50 

84 

Sales  1881  27 

21.  Mitchell  Prov.  Co  

101 

Inventory  84056 

24.  Mitchell  Prov.  Co  .... 

296  32 

Purchases  
Profit  and  Loss  

2392  50 
329  33 

26.  John  Cowan  &  Son.  .  .  . 

99  40 

28.  Mitchell  Prov.  Co  

121  95 

30 
Profit  and  Loss.    329  33 

30.  C.  D.  Watson  &  Co... 
Sales  Cr  

5050 
1881  27 

Expense  
H.  M.  Grace,  Cap  

37  16 
292  17 

Sept 
Gash 

2. 
.  1-30. 
Book. 

expense  
H.  M.  Grace,  Cap  

6(  10 

.    292  17 

Receipts. 

2. 
Sept.  1-30. 
Gash  Book. 

Payments. 

1.  H.  M.  Grace,  Cap... 

...  3000 

8.  R.  H.  Melton 

750 
50 
53  30 
2  16 
35 
81  06 
759  50 
1731  02 
243935 

4170  37 

7.  C.  D.  Watson  &  Co. 
9.  John  Cowan  &  Son.  . 
12.  John  Cowan  &  Son.  . 

...      60 
...      50 
...      25 

9.  J.  A.  Amsbaugh 

15.  Anderson  &  Richmond.  . 
26.  Expense.  . 

13.  George  R.  Hart  

...      35 

30.  Expense  .  .  . 

14.  Mitchell  Prov.  Co.  .  . 

...     138 

30.  Anderson  &  Richmond.  . 
30.  R.  H.  Melton... 

14.  John  Cowan  &  Son.  . 

6  30 

16.  George  R.  Hart  

15 

footing 
Balance 

20.  George  R.  Hart  

9  10 

20.  C.  D.  Watson  &  Co. 

43  50 

22.  C.  D.  Watson  &  Co. 

...      52  20 

23.  George  R.  Hart  

...     125 

27.  George  R.  Hart  

27 

29.  George  R.  Hart  

...      65 

30.  Mitchell  Prov.   Co  .  . 

...    519  27 

41701*7 

ELEMENTARY  SET. 
REGULAR  WORK. 

September. 
Sept.  30. 
Trial  Balance,  Sept,  30,  19    . 


Sept.  30. 
Statement  of  Resources  and  Lia 


H.   M.   Grace. 


H.  M.  Grace,  Cap. 

3000 

R.  H.  Melton  

247  50 

J.  A.  Amsbaugh... 

60  14 

B.  F.  Crider  

155 

C.    D.    Watson   & 

Co  

50  50 

John     Cowan     & 

Son       

99  40 

Geo.  R.  Hart  

19 

F.    J.    Ralston   & 

Co  

306 

Purchases  

2392  50 

Sales         

1881  27 

Expense 

37  16 

Cash  

2439  35 

5343  91 

5343  91 

Sept.  30. 
Trading  Statement,  Sept.  30,  19 


H.  M.  Grace. 

Returns. 
Gross  sales 1881  27 

Costs. 

Purchases 2392  50 

Less  Invt.  9/30. . . .     840  56 
Cost  of  mdse.  sold.  .         .  1551  94 


Gross  trad,  prof 329  33 

Sept.  30. 

Profit  and  Loss  Statement, 
Se"pt.  30,  19     .     H.  M.  Grace. 

Credits. 
Gross  trad.  prof. .      329  33 

Debits. 

Expense 37  16 

Net  profit 292  17 


bilities,  Sept.  30,  19 
H.    M.    Grace. 


Resources. 

Cash 2439  35 

Inventory 840  56 

C.  D.  Wat- 

'  son  &  Co.      50  50 
John  Cowan 

&  Son. . .        99  40 
Geo.  R. 

Hart 19 

F.  J.  Rals- 
ton &  Co.  306 
Total  accts. 

rec 474  90 

Total  current 
resources 3754  81 

Liabilities. 

R.  H.  Melton 247  50 

J.  A.  Amsbaugh. . .      60  14 

B.  F.  Crider 155 

Total  accts.  pay 462  64 

Net  resources 3292  17 

Represented  by 

H.  M.  Grace,  Cap. 
investment 3000 

Profit  for  Sept. ...     292  17    3292  17 


ELEMENTARY  SET. 
REGULAR  WORK. 
October. 


Oct.  1-31. 

Purchases  Book. 

719  19 
3318  86 
168  75 
566  75 
923  23 
134  55 
232  50 
224 

Oct.  1-31. 

Sales  Book. 

138  25 
171  65 
225  55 
185  85 
184  60 
1140  70 
1226  35 
154  45 
82  23 
531 
188  15 
127  38 
528 
163  07 
91  90 

1.  Edward  Parks  
10    Tulsa  Milling  Co  . 

1.  Mitchell  Prov  Co 

6.  F.  J.  Ralston  &  Co 

14.  B.  F.  Crider  
17.  Crutchfield  &  Woolfolk. 
21.  C.  H.  McLaughlin  
22    B    F    Crider 

7.  C.  D.  Watson  &  Co 

7.  John  Cowan  &  Son  
7.  Geo.  R.  Hart  
11.  Chas.  F.  Diggs,  Jr 

28.  Anderson  &  Richmond 
29.  B.  F.  Crider  
Purchases  Dr 

14.  J.  A.  Amsbaugh  

21.  John  Cowan  &  Son  
22.  F.  J.  Ralston  &  Co  

6287  83 

Oct. 
Cash 

Receipts. 

24.  Chas.  F.  Diggs,  Jr  
25.  C.  D.  Watson  &  Co  

26.  Mitchell  Prov.  Co  

27.  Home,  Hawkins  &  Co.  .  . 
27.  F.  J.  Ralston  &  Co  

31.  Mitchell  Prov.  Co  
Sales  Cr  

5139  13 

1  31. 
Book. 

Payments. 

1.  Balance  
3.  C.  D.  Watson  &  Co.  ... 
4    Geo  R   Hart 

2439  35 
50  50 
19 
6  60 
1476  28 
24  40 
1143  75 
100 
306 
843  19 
6 
8 
75 
1140  70 
5  50 
159  45 

5.  Edward  Parks  
6    Expense 

719  19 
835 
155 
67  92 
44  58 
3318  86 
6  85 
35 
1633 
236  70 
4  65 
251  56 
7 
2 
12  68 
2  50 
35 
45 
30 

8    B.  F.  Crider                .    . 

5    Sales 

10   Purchases 

6.  H.  M.  Grace,  Cap  
8.  John  Cowan  &  Son  
12    Sales 

12    J  A.  Amsbaugh 

13    Tulsa  Milling  Co  . 

15    Purchases 

13.  J.  A.  Amsbaugh  

15.  H.  M.  Grace,   Personal. 
17.  Purchases 

18    Notes  Receivable 

19    Sales 

18   R.  H.  Melton 

21    Sales 

20   Sales 

25    Sales 

24    Notes  Pay       .  . 

26    Notes  Receivable 

25    Expense 

27.  Chas.  F.  Diggs,  Jr  
29    Sales 

27   Expense                       .  .  . 

28    Purchases              

31.  Notes  Receivable  

29.  Expense        

31.  Expense  

31.  H.  M.  Grace,  Personal. 
31    Purchases 

Balance 

4999  17 
2804  55 
7803  72 

7803  72 

ELEMENTARY  SET. 

REGULAR  WORK. 
October. 


Oct.  1-31. 

Journal. 

Oct.  3. 

Notes  Receivable 306 

F.  J.  Ralston  &  Co 306 

4. 

J.  A.  Amsbaugh 251  56 

Notes  Payable 251  56 

7. 

Notes  Receivable 75 

John  Cowan  &  Son 75 

10. 

Sales 1220 

F.  J.  Ralston  &  Co 12  20 

10. 

R.  H.  Melton 10  80 

Purchases 10  80 

10. 

Notes  Receivable 225  55 

C.  D.  Watson  &  Co 225  55 

12. 

Notes  Receivable 159  45 

F.  J.  Ralston  &  Co 159  45 

13. 

Notes  Receivable 136 

J.  A.  Amsbaugh 136 

14. 

Purchases 10  50 

R.  H.  Melton 10  50 

14. 

B.  F.  Crider 168  75 

Notes  Pay 168  75 

17. 

Sales 5  10 

J.  A.  Amsbaugh 5  10 

20. 

H.  M.  Grace,  Personal. . .      7  75 
Purchases 7  75 


Oct.  1-31. 
Journal— Continued. 

21. 

C.  H.  McLaughlin 923  23 

Notes  Pay 923  23 

22. 

Sales 

John  Cowan  &  Son . 


4  85 


485 


24. 


B.  F.  Crider 19  60 

Purchases 39  60 

27. 

Notes  Receivable 400 

Home,  Hawkins  &  Co 400 

29. 

B.  F.  Crider 224 

Notes  Pay 224 

29. 

Notes  Rec 300 

Mitchell  Prov.  Co 300 

31. 

Crutchfield  &  Woolfolk.    500 
Notes  Pay 500 

31. 

Expense 80 

H.  M.  Grace,  Personal 80 

31. 

Inventory 715  77 

Sales 7125  37 

Purchases 6393  96 

Inventory 840  56 

Profit  and  Loss 606  62 

31. 

Profit  and  Loss 606  62 

Expense 134  85 

H.  M.  Grace,  Cap...., 471  77 


6  ELEMENTARY  SET. 

REGULAR  WORK. 

October. 
Trial  Balance,  Oct.  31,  19    .    H.  M.  Grace. 

H.  M.  Grace,  Capital  % 4768  45 

R.  H.  Melton 10  50 

Anderson  &  Richmond 232  50 

J.  A.  Amsbaugh 1221  25 

B.  F.  Crider 114  95 

Crutchfield  &  Woolfolk 66  75 

C.  D.  Watson  &  Co 188  15 

Mitchell  Prov.  Co 57  53 

John  Cowan  &  Son 335  45 

Geo.  R.  Hart 184  60 

F.  J.  Ralston  &  Co 245  30 

Chas.  F.  Diggs,  Jr 531 

Home,  Hawkins  &  Co 128 

Purchases  % 6393  96 

Sales  % 7125  37 

Inventory  % 840  56 

Expenses  % 134  85 

Notes  Receivable 1061  55 

Notes  Payable 1815  98 

H.  M.  Grace,  Personal 7  75 

Cash 2804  55  || 

14134  50  |j  14134  50 

T 


ELEMENTARY  SET. 

REGULAR  WORK. 
October. 

Trading  and  Profit  and  Loss  Statement,  October  31,  19 
H.  M.  Grace. 


Returns. 

Gross  sales 7152  17 

Less,  -  Goods  returned 12  20 

Rebates  and  allowances 14  60        26  80 

Net  returns  from  sales 7125  37 

Costs. 

Inventory  Sept.  30,  19    , 840  56 

Purchases 6432  11 

Less,  -  Goods  returned 10  80 

Personal  use  H.  M.  G 7  75 

Rebates  and  allowances 19  60       38  15     6393  96 

Net  cost  of  purchases 7234  52 

Less  inventory  Oct.  31,  19    715  77 

Cost  of  Merchandise  sold 6518  75 

Gross  trading  profit  for  the  mo 606  62 

Less  Expenses  per  Expense  % 134  85 

Net  profit  for  the  mo 471  77 

Statement  of  Resources  and  Liabilities,  October  31,  19 
H.  M.  Grace. 

Resources. 

Cash 2804  55 

Inventory,  Oct.  31,  19     715  77 

Notes  Receivable 1061  55 

J.  A.  Amsbaugh 1221  25 

C.  D.  Watson  &  Co 188  15 

Mitchell  Prov.  Co 57  53 

John  Cowan  &  Son 335  45 

Geo.  R.  Hart 184  60 

F.  J.  Ralston  &  Co 245  30 

Chas.  F.  Diggs,  Jr 531  00 

Home,  Hawkins  &  Co 128  00 

Total  accounts  receivable 2891  28 

H.  M.  Grace,  Personal  % 7  75 

Total  current  resources 7480  90 

Liabilities. 

Notes  Payable 1815  98 

R.  H.  Melton 10  50 

Anderson  &  Richmond 232  50 

B.  F.  Crider 114  95 

Crutchfield  &  Woolfolk 66  75 

Total  accounts  payable 424  70 

Total  liabilities ~  1  224068 

Net  resources 5240  22 

Represented  by 

H.  M.  Grace,  Capital  %,  Sept.  30,  19 4768  45 

Add  profit  for  October. 471  77  5240  22 


8 


ELEMENTARY  SET. 

REGULAR  WORK. 

November. 


Nov.  1-30. 
Purchases  Book. 

1.  Crutchfield  &  Woolfolk 

3.  C.  H.  McLaughlin 

7.  Tulsa  Milling  Co 

7.  B.  F.  Crider 

12.  Farm  Expense  and  Income. 

16.  J.  A.  Amsbaugh 

Purchases  Dr . . 


996  38 
1375 
3179  84 

480 
33  45 

154  54 

6219  21 


Nov.  1-30. 
Sales  Book. 

2.  Home,  Hawkins  &  Co 502  50 

4.  J.  A.  Amsbaugh 424  20 

5.  Home,  Hawkins  &  Co 906  40 

7.  John  Cowan  &  Son 112  65 

8.  Columbia  Produce  Co 848  75 

10.  Geo.  R.  Hart 258  54 

14.  James  Ross 853  60 

14.  Mitchell  Prov.  Co 240  15 

15.  C.  D.  Watson  &  Co 359  55 

17.  R.  H.  Melton 843  90 

18.  C.  D.  Watson  &  Co 140  82 

19.  F.  J.  Ralston  &  Co 307  20 

Chas.  F.  Diggs,  Jr 848  75 

Columbia  Produce  Co 250  08 


23. 
24. 


Sales  Cr 6897  09 


Nov.  1-30. 
Journal. 

1.  Store  &  Lot  Investment ..  2000 

Notes  Payable 2000 

2.  Anderson  &  Richmond .    .  232  50 

Notes  Payable 232  50 

3.  C.  H.  McLaughlin 1375 

Notes  Payable 1375 

3.  Crutchfield  &  Woolfolk. . .  531 

Chas.  F.  Diggs,  Jr 531 

4.  Notes  Receivable 335  45 

John  Cowan  &  Son 335  45 

5.  Notes  Receivable 175 

Geo.  R.  Hart 175 

8.  Notes  Receivable 1000 

J.  A.  Amsbaugh 1000 

8.  Sales 3  60 

J.  A.  Amsbaugh 3  60 

9.  B.  F.  Crider 114  95 

Notes  Payable 114  95 

9.  Notes  Receivable 906  40 

Home,  Hawkins  &  Co 906  40 

12.  Notes  Receivable 502  50 

Home,  Hawkins  &  Co 502  50 

18.  Sales 5  35 

C.D.Watson 5  35 

18.  H.  M.  Grace,  Personal. ...  5  40 

Farm  Income  &  Exp 5  40 


Nov.  1-30. 
Journal  —  Continued. 


22. 


Notes  Receivable 614  27 

Interest,  90  days 9  21 

James  Ross 605  06 

23.  J.  A.  Amsbaugh 3  60 

Purchases 3  60 

24.  Sales 13  20 

F.  J.  Ralston  &  Co 1320 

26.  Notes  Payable 232  50 

J.  A.  Amsbaugh 231  1$ 

Interest,  30  days 1  40 

Profit  &  Loss 15 

Farm  Equipment 15 

Expense 80 

H.  M.  Grace,  Personal 80 

30.  Sales 7770  72 

Profit  &  Loss 235 

Farm  Exp.  &  Income 6165 

Inventory 151  30 

Purchases 6274  98j 

Inventorv 715  77] 

Expense." 92  73J 

Store  &  Lot  Expense 23  93 

Interest 14  34" 

H.  M.  Grace,  Capital 1096  92 


29. 
30. 


ELEMENTARY  SET. 


REGULAR  WORK. 
November. 
Nov.  1-30. 


Cash  Book. 


Receipts. 

1.  Balance  

1.  Sales 

4.  Home,  Hawkins  &  Co. . . 

5.  Geo.  R.  Hart 

5.  Mitchell  Prov.  Co 

7.  Notes  Receivable 

9.  Sales 

11.  Notes  Receivable 

12.  Notes  Receivable 

12.  Interest 

15.  Farm  Exp.  &  Inc 

16.  Farm  Exp.  &  Inc 

17.  Geo.  R.  Hart 

18.  Notes  Receivable 

19.  Notes  Receivable 

22.  Columbia  Produce  Co.  . . 

22.  James  Ross 

23.  Farm.  Exp.  &  Inc 

23.  F.  J.  Ralston  &  Co 

24.  Notes  Receivable 

24.  Interest,  60  days 

24.  C.  D.  Watson  &  Co 

26.  Sales 

26.  R.  H.  Melton.  .: 

28.  Notes  Receivable 

28.  Interest,  30  days 

28.  Notes  Receivable 

28.  Farm  Exp.  &  Inc 

29.  Notes  Receivable 

29.  Interest,  24  days 

29.  Valley  Truck  Farm  Inv. 
29.  Profit  &  Loss 

29.  Farm  Equipment 

30.  Notes  Receivable 

30.  Chas.  F.  Diggs,  Jr 

30.  Sales 


2804  55 
556  73 
128 
9  60 

57  53 
225  55 
201  15 
400 
136 

68 
6 

16  25 
258  54 
906  40 
335  45 
856  05 
248  54 

13  25 
245  30 
1000 

10 
542  35 

6 

843  90 
300 

1  50 
614  27 

24  55 
175 

70 
900 
250 
100 

502  50 
856  21 
131  90 


13664  45 


Payments. 
1.  Store  &  Lot  Investment.  1000 

1.  Furniture  &  Fixtures.  ...  76  50 

2.  Store  &  Lot  Investment .  8 

3.  Crutchfield  &  Woolfolk. .  465  38 

3.  Expense 2  88 

3.  Store  &  Lot  Expense ....  5  75 

7.  Purchases 12  50 

8.  Columbia  Produce  Co. . .  7  30 

9.  Store  &  Lot  Investment .  78  56 
10.  Crutchfield  &  Woolfolk. .  66  75 

10.  Valley  Truck  Farm  Inv.  900 

11.  R.  H.  Melton 10  50 

11.  Interest 1 

11.  Expense 4  85 

12.  Notes  Payable 168  75 

14.  Notes  Payable 500 

14.  Purchases 16  50 

14.  Farm  Exp.  &  Inc 6  75 

15.  Farm  Exp.  &  Inc 3  75 

15.  Store  &  Lot  Expense.  ...  8  93 

15.  Expense 5 

16.  Purchases 4  23 

16.  Tulsa  Milling  Co 2000 

17.  H.  M.  Grace,  Personal.  .  45 

18.  Interest,  51  days 7  70 

19.  Interest,  45  days 2  52 

19.  Farm  Exp.  &  Inc 14  50 

19.  Purchases 7  64 

21.  Notes  Payable 923  23 

21.  Farm  Equipment 115 

23.  Chas.  F.  Diggs,  Jr 7  46 

24.  Columbia  Produce  Co.  . .  6  72 

24.  Interest,  22  days 3  70 

26.  Farm  Expense  &  Income.  12  25 

28.  Notes  Payable 224 

28.  Interest,  30  days 1  12 

28.  Interest,  84  days 8  60 

29.  Store  &  Lot  Expense 9  25 

30.  Interest,  42  days 3  52 

30.  Purchases 18  50 

30.  Notes  Payable 2000 

30.  Interest,  29  days 9  67 

Balance 4890  19 

1366445 


10  ELEMENTARY  SET. 

REGULAR  WORK. 

November. 
Trial  Balance,  November  30,  19    .    H.  M.  Grace. 


H.  M.  Grace,  Cap  

5240  22 

J.  A  Amsbaugh.  .  .  . 

259  81 

B.  F.  Crider  

480 

Tulsa  Milling  Co  .  .    . 

1179  84 

C.  D.  Watson  &  Co..x.. 
Mitchell  Prov.  Co  

140  82 
240  15 

The   amounts  marked 

John  Cowan  &  Son 

112  65 

"x"  in  the  trial  balance 

F.  J.  Ralston  

294 

differ    from     the   corre- 

Columbia Prod  Co  
Purchases  x  .  . 

256  80 
6274  98 

sponding   items    in    the 
trial  balance  shown   on 

Sales 

7770  72 

page  100  of  the  budget 

Inventory  

715  77 

the  lattercontaining  vari- 

Expense .  .              .    .  x. 

92  73 

ations  in  figures  to  allow 

Profit  &  Loss  

235 

the    teacher    to    detect 

Notes  Payable  

1489  95 

those  students  who  are 

H.  M   Grace,  Per 

21  85 

copying  from  the  budget 

Store  &  Lot  Invest  

3086  56 

instead  of  following  their 

Store  &  Lot  Exp  . 

23  93 

ledger  records. 

Fur.  &  Fix  

76  50 

Farm  Exp.  &  Inc.  . 

61  65 

Interest 

14  34 

Cash  x. 

4890  19 

16479  23 

16479  23 

Trading  and  Profit  and  Loss  Statement,  November  30,  19 
H.  M.  Grace. 


Returns. 

Gross  Sales 

Less,  -  Rebates  and  allowances . . 
Net  returns  from  sales.  . 


Costs. 

Inventory,  Oct.  31,  19     

Purchases 6278  58 

Less,  -  Rebate 3  60 

Total  cost  of  purchases 

Less  Inventory,  Nov.  30,  19    

Cost  of  merchandise  sold 

Gross  trading  profit. 


7792  87 
22  15 


715  77 
6274  98 


6990  75 
151  30 


Profit  from  sale  of  valley  truck  farm  (P.  &  L.  %) 
Inc.  from  sale  of  farm  products 

Total  profits 

Loss  on  sale  of  farm  equipment  (P.  &  L.  %).... 

Expenses .  - 

Store  and  lot  expense 

Interest 

Farm  expenses 

Total  losses 

Net  profit  for  the  mo 


15  00 
92  73 
23  93 
14  34 
37  25 


7770  72 


6839J5_ 

931  27 

250  00 

_98_90_ 

1280  17 


183  25 


10%  92 


ELEMENTARY  SET. 

REGULAR  WORK. 

November. 

Statement  of  Resources  and  Liabilities    November  30,  19 
H.  M.  Grace. 


11 


Resources. 


Cash 4890  19 

Inventory,  Nov.  30,  19     151  30 

Store  and  Lot  Invest 3086  56 

Furniture  and  Fixtures 76  50 

J.  A.  Amsbaugh 259  81 

C.  D.  Watson  &  Co 140  82 

Mitchell  Prov.  Co 240  15 

John  Cowan  &  Son 112  65 

F.  J.  Ralston  &  Co 294  00 

Columbia  Produce  Co 256  80 

Total  accounts  receivable 1304  23 

Total  resources 9508  78 

Liabilities. 

Notes  payable 1489  95 

H.  M.  Grace,  Personal  % ;      21  85 

B.  F.  Crider 480  00 

Tulsa  Milling  Co .1179  84 

Total  accounts  payable I  1659  84 

Total  liabilities 3171  64 

Net  resources 6337  14 

Represented  by 

H.  M.  Grace's  Cap.  % 5240  22 

Plus  net  profit  for  mo 1096  92 

~'  6337  14 


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12h 


ELEMENTARY  SET. 

REGULAR  WORK. 
Sales  Book  for  November. 


2  Home,  Hawkins  &  Co. 

4  J.  A.  Amsbaugh 

5  Home,  Hawkins  &  Co. 

7  John  Cowan  &  Son 

8  Columbia  Produce  Co. . 

10  Geo.  R.  Hart 

14  James  Ross 

14  Mitchell  Provision  Co. . 

15  C.  D.  Watson  &  Co. . . 

17  R.  H.  Melton 

18  C.  D.  Watson  &  Co.... 

19  F.  J.  Ralston  &  Co 

23  Charles  F.  Diggs,  Jr. . . 

24  Columbia  Produce  Co. . 

Total  sales. . 


2  Home,  Hawkins  &  Co. . 

4  J.  A.  Amsbaugh 

5  Home,  Hawkins  &  Co. . 

7  John  Cowan  &  Son. .   . 

8  Columbia  Produce  Co. 

10  Geo.  R.  Hart 

14  James  Ross 

14  Mitchell  Provision  Co 

15  C.  D.  Watson  &  Co. . . 

17  R.  H.  Melton 

18  C.  D.  Watson  &  Co. . . . 

19  F.  J.  Ralston  &  Co 

23  Charles  F.  Diggs,  Jr. . 

24  Columbia  Produce  Co. 

Total  sales . . 


Varied  Price  Lists  are  Used. 

(Varied  Price  Lists.) 

1 

2 

3 

4 

5 

495 

60 

517 

20 

547 

80 

540 

90 

473 

10 

415 

04 

415 

50 

419 

92 

418 

76 

423 

32 

911 

68 

902 

904 

64 

909 

92 

913 

44 

106 

92 

118 

34 

121 

51 

115 

48 

110 

42 

845 

25 

857 

50 

840 

850 

50 

836 

50 

265 

32 

251 

85 

259 

44 

267 

54 

251 

58 

850 

08 

862 

40 

844 

80 

855 

36 

841 

28 

244 

56 

240 

12 

255 

18 

259 

59 

226 

41 

366 

88 

352 

87 

362 

86 

371 

55 

352 

67 

840 

42 

852 

60 

835 

20 

845 

64 

831 

72 

142 

29 

148 

09 

144 

49 

144 

25 

146 

08 

302 

19 

307 

33 

310 

72 

307 

51 

307 

07 

845 

25 

857 

50 

840 

850 

50 

836 

50 

252 

88 

250 

51 

248 

60 

250 

58 

255 

48 

6884 

36 

6933 

81 

6935 

16 

6988 

08 

6S05 

57 

6 

7 

8 

9 

10 

503 

70 

506 

40 

540 

523 

20 

502 

80 

426 

48 

431 

60 

428 

20 

425 

36 

420 

48 

908 

16 

915 

20 

906 

40 

901 

12 

908 

16 

104 

59 

106 

98 

119 

25 

115 

64 

112 

66 

847 

848 

75 

854 

840 

847 

272 

76 

268 

56 

263 

34 

259 

68   256 

56 

851 

84 

853 

60 

858 

88 

844 

80 

851 

84 

255 

27 

252 

24 

254 

70 

248 

52 

240 

48 

377 

75 

375 

58 

366 

53 

362 

78 

359 

42 

842 

16 

843 

90 

849 

12 

835 

20 

842 

16 

145 

81 

135 

04 

147 

40 

146 

54 

141 

40 

304 

48 

307 

95 

311 

10 

307 

91 

306 

88 

847 

848 

75 

854 

840 

847 

257 

14 

251 

32 

250 

90 

250 

36 

250 

84 

6944 

14 

6945 

87 

7003 

82 

6901 

11 

6887 

68 

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14 


ELEMENTARY  SET. 


15 


COMPLEMENTARY  WORK. 

Sept.  15. 

Exercises  in  Gash  Accounts. 
Text— pages  40-41. 

1. 
G.  R.  Gilman's  Gash  Book. 


Receipts. 


Payments. 


G.  R.  Gilman 3000 

Chas.  Clark 35 

H.  M.  Brown 76  40 

Sales 2250 

Notes  Receivable 314  32 

Reynolds  Bros 50 

Sharp  &  Co 36  12 

B.  F.  Cole 116  45 

Sales 135  35 

3786  14 


H.D.  Page 115  25 

General  Expense 16 

John  M.  Ward 36  85 

Admin.  Expense 26  70 

General  Expense 1  15 

Admin.  Expense 60 

Balance..         .  3530  19 


In  cash  drawer,  $1030  19. 


3786  14 


2. 
H.  G.  Shepard  &  Go's  Gash  Book. 


Receipts. 


Payments. 


H  C  Shepard 

6000 

Purchases 

61  75 

M  A  Shepard 

1000 

Henry  Smith 

200 

Sales 

42  85 

General  Expense 

48 

Sales 

36  70 

Sales  Expense 

13  50 

Wm.  Wright  
W.  P.  Page.  
Notes  Receivable 

212  35 
137  25 
200 

Acfmin.  Expense  
Notes  Payable  
Henry  Wilson.    .  . 

6 
250 
498  20 

James  Harris  

457  19 

Balance  

.  7008  89 

8086  34 

Balance  in  bank,  

8086  34 
$7008  89 

16  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Sept.  15. 
Exercises  in  Gash  Accounts. 

Text  —  pages  40-41. 
Arithmetical  Problems. 

1.  2. 

Price  &  Price.  Jas.  Franklin. 

Receipts.  Payments.  Receipts.     Payments 

2000'  50  5000  13 

2000  651  75  362  50  259  17 

353  09  23  50  300  12 

250  540  3  86  15 

150  60  21  36  45 

343  12  542  388  09  32  15 

197  23  60  17  14  38  56 

100  100  185  17  350 

161  27  614  21  218  60  9  50 

665471  15  46818  15 

274496  750  702  450 

45  17  05 

Bal/2809T5        _36_ 
2744  96 

Cash  on  hand     57  77 


5904  99  Balance. 
3936  66  In  bank, 


1. 

Robt.  G.  Burns. 

36 
b    45 
b    16 

37 
o    45 
o    16 

b    21 
b    73 
b    15 
b    18 

o    73 
o  _21_ 

ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Sept.  15. 

Exercises  in  Personal  Accounts, 
Text— pages  12-13-14. 

2 
Miller  Bros. 


17 


Balance  33. 


36 

c  188  37 

e  105  44 

37 
m  115  25 
n  73  12 

n  87  50 
n  17  94 

d  13  75 
c  258  57 

n  236  20 
n  36  12 

k  4  50 

n  327  45 

We  owe  Miller 
Bros,  balance, 
$322  95.-Several 
bills  paid  at  once. 
A  liability.     An 
account  payable. 


3. 

Murphy  &  Mor- 
gan. 

36 
b  256  95 

37 
o  150 
o  106  95 
p   7  80 
q  180 
r  100 
o  54  56 

b  342  36 

b  96  36 

r   3  GO 
o  92  76 

b  2350 

Balance  $23  50. 
Bills  paid  in  two 
or  more  payments. 
— An  account  re- 
ceivable. 


4. 

5. 

Williams  & 

Rodney,  Gates 

Reynolds. 

&Co. 

b    78  50 

c    14  50 

a      2  56 

a  128  15 

668  70 

10  25 

a  125  59 

d  216  45 

a  165 

a  463  61 

b      1  84 

c    33  62 

a  132  50 

55  30 

b    90  34 

b    92  18 

a  100 

1  36 

c    33  62 

a      9  37 

6  69 

d      4  16 

a    56  74 

b    78  50 

d  212  29 

c    14  50 

350 

9  41 

'Balance  245  10. 

Balance  9  41. 

Mixed  account. 

A  resource. 

Accounts   receiv- 

Part Payments. 

able. 

Account  receiv- 

able. 

Accounts  payable. 

6. 

Morrell  Mfg.  Co. 

b  340      I  a    72  50 
a    69  60  b  340 
a      2  90       150 

490      | 
Balance  340. 
Account  receiv- 
able. 


7. 
S.  R.  Brown. 


75 


Balance  5. 
A  resource. 


10 
20 
30 
10 


18  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 
Oct.  1. 
Exercises  in  Notes  Receivable 

Accounts. 
Text— pages  29-30-31. 


1. 

George  Warren's 
Account. 


250  16 

250  16 

a  311  17 

364 

b  276  50 
a  311  17 

b276  50 
300 
116  40 

1368  07 

587  67 

Bal.  780  40 

3. 

Redmond  Bros. 
Account. 


650 

650 

700 

700 

250 

250 

236  75 
a  350 

Bal.  236  ' 

a  350 

r5 

5. 

Adam  Ross' 
Account. 


a 

100 

a 

10 

b 

50 

b 

5 

c 

60 

c 

6 

d 

36 

a 

10 

c 

6 

b 

10 

c 

6 

a 

20 

b 

5 

c 

6 

d 

4 

246 

88 

2. 

Louis  Bessler  & 
Co.'s  Account. 


200 
b300 

400 

c  376  18 
a  275 

275 

125 

1751  18 
Bal.    725 


200 

a  275 

b300 

c  376  18 

75 


1026  18 


4. 

Davis  &  Go's 
Account. 


500 

450 

159  38 

237  45 

376  50 

300 

574  50 

45847 

400 

250630 
Bal.  2506  30 


500 
450 


Bal.  158 


Oct 

,  1. 

Exercises  in  Notes  Payable 

Accounts. 

Text—  pages  35-36. 

1 

. 

2 

. 

Brown  Bros.  & 

Frank  Brown's 

Go's.  Account. 

Account. 

280 

280 

c    500      a    847  19 

200 

316  40 

a    847  19 

540  16 

116  40 

~328 

c    500 

c  2000 

u     QKfi  7^ 

276  14 

c  1000 

D     OOU    <O 

219  54 

Bal.  604  14 

68520 

347  19 

3. 

Bal.  1792  09 

Robinson  &  Ken- 

nedy's 

Books. 

4 

. 

a    11642 

b    275 

John  Adams' 

b    275 

c    300 

Account. 

d    500 
c    300 

a    116  42 
d  5000 

200 

200 

dlOOO 
d3500 

a    95  40 
b  100 
p  Ifi^  40 

c  165  40 
316  20 
a     OPi  40 

257  10 
278  19 

398 

\j    JL  U  O    ^rV/ 

d  187  60 

Ot       */cl    TtLJ 

d  187  60 

Bal.  933  29 

blOO 

Bal.  316  20 

5. 

John  Thompson. 

525 

525 

a  257  43 

b350 

b350 

d  196  34 

c  150 

a  257  43 

d  196  34 

c  150 

Bal.  Aug.  31,  $196  34 

ELEMENTARY  SET.  19 

COMPLEMENTARY  WORK. 

Oct.  3. 

Exercises  in  Writing  Notes. 

Text— pages  172-173. 

Budget— page  44. 

#1.  Date,  Feb.  14;  payee,  R.  M.  Portia;  maker,  R.  C.  Taylor;  $164.57. 

#  2.  Copied  from  text. 

#3.  Date,  Mar.  31,  3  mo;  payee,  Walters  &  Co;  maker,  Henry  Smith;  $375; 

due  June  30. 
#4.  Date,  Dec.  31,  2  mo;  payee,  Otter  Hdw.  Co;  maker,  Walter  Wickman; 

$1040.25:  due  Feb.  28;  at  60  days,  due  Mar.  1. 
#5.  Date,  June  10,  30  days;  payee,  Marshall  Logan  &  Co ;  maker,  M.  Grace 

&  Co;  $1236.40. 

#6.  Date,  May  25,  4  mo;  payee.  M.  G.  Nilan;  maker,  Archer  &  Co. 
#7.  Date,  Sept.  12;  payee,  S.  M.  Cannon;  maker,  James  Piper;  $365.87. 


Oct.  5. 

Exercises  in  Expense  Accounts. 
Text— page  94. 

1.  2. 


100 

293  99  P.  &  L.  % 

17  50 

30 

6  50 

48 

75  84 

7  15 

293  99 

293  99 

125 

5  60 
45  60 

8  96 
100 

8 

5 


298  16 


2  15 
296  01  P.  &  L.  % 


298  16 


1. 

Costs. 
125 
26  50 
27  50 
57  21 
36 
25 
8 

Costs. 
200 
113  75 
21  75 
98  43 
2  50 
75 
5 
12 

305  21 
Balance 

528  43 
12 

516  43 

Arithmetical  Problems. 


Returns.  Costs. 

12  35 

8  75 
4  50 
7  56 
12 

14  87 
6 


Balance      84  68 


ReturnSc 
4 


20 


ELEMENTARY  SET. 


1. 

Purchases. 

157  13 
2 
17  50 
42 
1 
80 
2316  19 

46  17 
12  20 
6  70 
10 
116  40 
Trad.%  2424  35 

2615  82 

2615  82 

COMPLEMENTARY  WORK. 

Oct.  8. 

Exercises  in  Trading  Accounts. 

Text— pages  47,  48,  49,  52,  53,  55. 

Purchases  Account. 

2. 
Purchases. 


16936  17 
116  24 
125 
145  87 
36  14 
120 

45  16 
27  18 
269  14 
27  16 
276  19 
Trad.  %  16S34  59 
17479  42 

17479  42 

Net  Cost  2424  35. 


Invoice  price  16936  17  less  45  16  = 
16891  01  Net  Invoice  Price. 


Costs. 

Prchs 16936  17 

F.  &D....       11624 

Sal 125 

Trav.  Ex..       145  87 

Total  Cost.  17323  28 

368  64 


Less. 

Goods  ret....      45  16 
Reb.  &  allow.     27  18 

Store 269  14 

Rebate 27  16 

368  64 


16954  64  Prime  Cost. 


Arithmetical  Problems. 


2. 


Costs. 
11613  20 
271  12 
11436 
68  97 
12067  65 
67397 

Deductions. 
13  97 
12  90 
41  50 
312  17 
293  43 

Costs. 
87963  43 
5537  36 
93500  79 

Deductions 
91  20 
962  50 
31  12 

1084  82                          1084  82 
92415  97  Prime  Cost. 

87963  43  Net  Invoice  Price. 

Costs.                    Less. 
3167  19                    34  20 
76  18                  180 
56  12                  236  17 
100                           6  45 
9  60                   456  82 
3409  09 
456  82 

67397 

4. 
Deductions. 
34  20 
180 
236  17 
6  45 
196  14 
652  96 

3167  19 
34  20 

11393  68  Net  Cost. 

Costs. 
3167  19 
76  18 
56  12 
100 
9  60 
95 
20 
1  50 
12 
1  50 
3 
2  75 

2952  27  Prime 
Invoice  Cost. 

Cost. 

3544  84 
652  96 
2891  88  Net 

3132  99  =  Net 
Cost. 

ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Oct.  8— Continued. 
Exercises  in  Trading  Accounts. 
Text-pages  47,  48,  49,  52,  53,  55. 

Sales  Account. 
1.  2. 


78  25 

8619  71 

62  56 

208  16 

Trad.  % 

8270  74 

8619  71 

8619  71 

116  42 

367  19 

10 

9716  73 

721 

31643 

Trad.  <>, 

£  9633  86 

10083  92 

10083  92 

Arithmetical  Problems. 


2. 


Deductions. 
176 
27  16 
38  40 
3  16 
244  72 


Sales. 
7916  70 

219  67 
20 

276  18 
8432  55 

244  72 


3. 

Sales. 


Deduction. 
Net  sales. . 


Reb.  and  allow. . .  84  12 
CashDis..  .  53 


4713  75 

96  18 

"4617  57 


137  12 


Net  returns  8187  83        Net  returns  from  sales. . . .    4480  45 


Inventory  Account. 


1. 


2. 


Dec.  31  11360  So'june  30  11360  50   Mar.  31  23741  49June  30 


June  30  12448  37|Dec.  31  12448  37 
Dec.  31  10991  71 


23741  49 

June  30  64927  26  Sept.  30  64927  26 
Sept.  30  64417  71  Dec.  31  64417  71 
Dec.  31  "45516  85 


Arithmetical  Problems. 


96784 
263712  37 
360496  37 

87979  12 
272517  25 


2. 

Prev.  Invt. 

Prchs. 

Total  cost. 

Invt. 

Cost  mdse.  sold. 


61320 
9721  12 


35712 
7420 


51598  88 


4. 

Prchs. 
Pres.  Invt. 


3. 

Prev.  Invt. 
Pres.  Invt. 
Cost  mdse.  sold. 


28292    Cost  mdse.  sold. 


22  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Oct.  14. 
Exercises  in  Proprietor's  and  Partner's  Personal  Accounts. 

Text— pages  23-24. 

1.  2. 

F.  A.  Raymond,  Personal.  B.  M.  Beck,  Personal. 


15 

10  60 
100 
24 


200 


Bal.  60  50 


25 

100 

16 

150 

100 

250 

Bal.  109 

Oct.  29. 
Exercises  in  Owner's  Capital  Accounts. 

Text— pages  20-21. 
1.  2. 

Henry  B.  Waters.  George  Henderson. 


61b 
Cap. 

800 
7475 

62f 
g 

5000 
2000 

j 

1275 

~8275~ 

8275 

Cap. 

7475 

61a   1150 

62f 

10000 

b   1000 

g 

3000 

h 

4000 

Cap.  19100 

j 

4250 

21250 

21250 

Cap. 

19100" 

3. 

Charles  E.  Ford. 


61c   1700 

c   1600 

e   790 

Cap.  22610 

26700 

61b  1000 

Cap.  32060 


33060 


62f  26700 


26700 

Cap.  22610 
62h  3000 
j  7450 

33060 
Cap.  32060 


ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Oct.  31. 

Exercises  in  Trading  and  Profit  and  Loss  Statements  and 
Statements  of  Resources  and  Liabilities. 
Budget— pages  77,  78,  79,  80. 

No.  1. 

Trading  and  Profit  and  Loss  Statement,  December  31, 19    . 
H.  M.  Grace. 


23 


Returns. 


Gross  sales 7756  42 

Less,  -  Goods  returned 14  80 

Rebates  and  allowances 26  72  41  52 

Net  returns  from  sales "    7714  90 

Costs. 

Inventory  %  Nov.  30,  19    925  40 

Purchases  % 6873  38 

Less,  -  Goods  returned 21  56 

Per.  useH.  M.  G 750 

Rebates  and  allowances 19  45         48  51     6824  87 

Net  cost  of  purchases. 7750  27 

Less  Inventory  Dec.  31,  19    984  36 

Cost  of  merchandise  sold 6765  91 

Gross  trading  profit  for  mo 948  99 

Less  Expense  % 212  15 

Net  profit  for  mo 736  84 

Closing  Entry. 

Inventory  % 984  36 

Sales  % 7714  90 

Inventory  % 925  40 

Purchase  % 6824  87 

Expense  % 212  15 

H.  M.  Grace  Cap.  % 738  84 


24 


ELEMENTARY  SET. 


COMPLEMENTARY  WORK. 
Oct.  31. 
No.  1. 

Statement  of  Resources  and  Liabilities,  December  31,  19 
H.  M.  Grace. 


Resources. 


Cash 1947  65 

Notes  Receivable 1928  80 

Inventory  %,  Dec.  31,  19     984  36 

J.  A.  Amsbaugh 1093  61 

C.  D.  Watson  &  Co 297  14 

Mitchell  Prov.  Co 87  50 

John  Cowan  &  Son 427  27 

Geo.  R.  Hart 152  38 

F.  J.  Ralston  &  Co 171  40 

Chas.  F.  Diggs,  Jr 598  03 

Home,  Hawkins  &  Co 38  16 

Total  accounts  receivable 2865  49 

H.  M.  Grace,  Personal  % 17  20 

Total  resources 7743  50 

Liabilities. 

Notes  Payable 961  64 

R.  H.  Melton 19  85 

Anderson  &  Richmond 425  87 

B.  F.  Crider. 98  25 

Crutchfield  &  Woolfolk 376  19 

Total  accounts  payable 920  16 

Total  liabilities 1881  80 

Net  resources 5861  70 

Represented  by 

H.  M.  Grace,  Cap.  %,  Nov.  30,  19     5124  86 

Add  net  profit  for  Dec 736  84  5861  70 


ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 
Oct.  31— Continued. 

No.  2. 

Trading  and  Profit  and  Loss  Statement,  December  31,  19 
J.  B.  Mason. 


25 


Returns. 

Gross  sales 4938  50 

Less,  -  Goods  returned 5  73 

Rebates  and  allowances 11  86        17  59 

Net  returns  from  sales 4920  91 

Costs. 

Inventory  %  Jan.  1,  19     1020  75 

Purchases  % 4243  07 

Less,  -  Goods  returned 36  75 

Rebates  and  allowances _29.^?_        66  27    4176  80 

Net  cost  of  purchases 5197  55 

Less,  -  Inventory  Dec.  31,  19     2486  44 

Cost  of  merchandise  sold 2711  11 

Gross  trading  profit  for  yr 2209  80 

Less  Expense  % 1429  47 

Net  profit  for  the  year |    780  33 

Closing  Entry. 

Inventory  % 2486  44 

Sales  % 4920  91 

Inventory  % 1020  75 

Purchases  % 4176  80 

Expense  % 1429  47 

J.  B.  Mason,  Cap.  % 780  33 


Arithmetical  Problems. 


Rtd.  Pchs.  75  90 
R.  &  A.      16  50 


Invt.          1020  75 
Pchs.         6420 
To.  Pchs.  7440  75 
9240 

Net  Pchs.  7348  35 
Net  S.       704290 

305  45  Gross  trading  loss. 
Expenses  1429  47 

1734  92  Net  loss  for  year. 


To.  S.  7448  27 
40537 


9240      NetS.704290 


Ret.  S.    189  25 

R.  &  A.  216  12 

40537 


26  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Oct.  31— Continued. 

No.  2. 

Statement  of  Resources  and  Liabilities,  December  31, 19 
J.  B.  Mason. 


Resources. 

Cash 1429  91 

Inventory  Dec.  31,  19    2486  44 

Notes  Receivable 2621  50 

A.  B.  Clark 956  37 

J.  C.  Adams 185  40 

William  Robb  &  Co 516  21 

E.  C.  Williamson 758  80 

Central  Produce  Co 16  20 

Howe  &  Sons 276  48 

Total  accounts  receivable 2709  46 

J.  B.  Mason,  Personal  % 107  20 

Total  Resources 9354  51 

Liabilities. 

Notes  Payable 374  20 

John  H.  Rogers  &  Co 1316  21 

Smith  &  Gray 1018  14 

Spencer  &  Co 109  14 

J.  M.  Warren 81  29 

Total  accounts  payable 2524  78 

Total  liabilities 2898  98 

Net  resources 6455  53 

Represented  by 

J.  B.  Mason,  Cap.  % 5675  20 

Add  profit  for  year 780  33 

~'  6455  53 


ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Oct.  31— Continued. 

No.  3. 

Trading  and  Profit  and  Loss  Statement,  December  31,  19 
W.  B.  Walker. 


27 


Returns. 

Gross  sales 7529  47 

Costs. 

Inventory  %,  Jan.  1,  19    2145  15 

Purchases 4786  90 

Net  cost  of  purchases 6932  05 

Less  Inventory  Dec.  31,  19    2125  02 

Cost  of  merchandise  sold 4807  03 

Gross  Trading  Profit 2722  44 

Less  Expense  % 1513  20 

Net  profit  for  year 1209  24 

Closing  Entry. 

Inventory  % 2125  02 

Sales  % 7529  47 

Inventory  % 2145  15 

Purchases  % 4786  90 

Expense  % 1513  20 

W.  B.  Walker,  Cap.  % 1209  24 


Invt.  2145  15 

Pchs.  9765  27 

Net  Pchs.   11910  42 
Sales  10865  50 

1044  92  Gross  trad.  loss. 
Expenses      1513  20 

2558  12  Net  loss  for  yr. 


Arithmetical  Problem. 

Net  Pchs.  11910  42 

Invt.  2125  02 


Cost^goods  sold_9785  40 
gales'  1086550~ 

Cost  goods  sold   9785  40 

1080  10  Gross  trad, 
profit. 

Expenses  1513  20 

G.  T.  P.  1080  10 

433  10  Net  loss 

for  year. 


28  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 
Oct.  31— Continued. 

No.  3. 

Statement  of  Resources  and  Liabilities,  December  31,  19 
W.  B.  Walker. 


Resources. 


Cash 2855  35 

Inventory  %,  Dec.  31,  19    2125  02 

Notes  Receivable 1140  86 

J.  N.  Norris 215  20 

John  A.  Dalton 917  45 

Patterson  &  Boyd 1480  20 

W.  G.  Anderson 1256  15 

Campbell  Grocery  Co 725  89 

J.  G.  Lennox  Co 1121  50 

Miller  Commission  Co 115  43 

Total  accounts  receivable 5831  82 

Total  resources 11953  05 

Liabilities. 

Notes  Payable 873  21 

Woodworth  &  Co 126  81 

Davis  &  Baker  Co 1291  40 

W.  B.  Austin 190  13 

O.  F.  Donovan 95  60 

Total  accounts  payable 1703  94 

W.  B.  Walker,  Personal  % 25  80 

Total  liabilities 2602  95 

Netresources 9350  10 

Represented  by 

W.  B.  Walker,  Capital  % 8140  86 

Add  profit  for  year 1209  24 

9350  10 


ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 


29 


Oct.  31. 

Exercises  in  Writing  Drafts. 

Text— pages  174,  175,  176. 

Budget— page  82. 

#2.  Three  drafts  copied  from 
text. 

»  3.  Date,  Jan.  3 ;  60  days  after 
date;  drawer,  H.  L.  Mer- 
cer &  Sons;  payee,  Hol- 
land Mfg.  Co.;  drawee, 
Garrison  &  Hunt;  $212.75. 
Accepted  Jan.  10.  Due 
Mar.  4.  Endorsement, 
Pay  to  the  order  of  Archer 
&  Co.— Holland  Mfg.  Co. 

#4.  Date,  Nov.  12;  60  days 
after  sight ;  $967.50;  draw- 
er,Hay  worth  Bros. ;  payee, 
"Ourselves;"  drawee, 
Norton,  Dilworth  &  Co. 
Accepted  Nov.  17.  En- 
dorsement, Pay  to  the  or- 
der of  Wm.  Simpson- 
Hay  worth  Bros.  Due, 
Jan.  16. 

#5.  Date,  Mar.  13;  4  mo.; 
payee,  J.  B.  Peterson  & 
Co. ;  $165. 12  ;drawer,  Frank 
C.  Fleming;  drawee,  Jas. 
W.  Hill  &  Co.  Accepted, 
Apr.  9.  Endorsement,  J 
B.  Peterson  &  Co.  Due. 
July  13. 


Oct.  31. 
Exercises  in  Interest  and 

Discount. 
Text— pages  103-104. 

1.  2. 


7  45 

7  50 

3  47 

245 

4  58 

825 

250 

2  50 

2  54 

1  56 

1245 

Bal.  6  26—  a 

Bal.   15  03—  a 

gain. 

loss. 

3. 

Arithmetical 
Problem. 
Dr.         Cr. 
25  75 
97  42 
3  50      84  50 

215  12 
341  90 
18  25 
18  50 
33  71 
345  75 

Bal.  25( 
a  loss 

14  65 
74  12 
47  76 
6777 
84  76 
427  27 

3  on 

207  67 
350 

Net  returns 
204  17 

30  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Oct.   31. 

Exercises  in  Real  Estate  Investment,  Expense  and 

Income  Accounts. 

Text— pages  111-112. 

1*  2. 


Invest-         Expense  &        Invest- 

Expense 

& 

ment.           Income.        ment. 

Income 

. 

1000 

65     187  60 

2000     10000 

160 

300 

7  50 

150 

5000 

75 

320 

1  50 

60 

20 

42  13 

350 

175 

1836 

35 

3216  94 

1854 

8  75 

1875  62 

30 

85  20 

750 

120 

37  50 

397  15 

237  50 

30 

307  80 

Net  incom 

e  1178 

3  50 

65 

216  30 

5450 

87  60 

Bal.  276 

62 

6 

Cost  7879  61 

Arithmetical  Problems. 

1. 

2. 

Invest-          Expense  &           Invest-       Expense 

& 

ment.            Income 

ment. 

Income 

476  18 

187  30     153 

19         6500 

143  16 

60 

2617  80 

.  86  45     460 

1487  9€ 

>       28  16 

3291  70 

36       49 

60          986  14 

295  60 

1697  30 

54  35     126 

37          784  32 

487  16 

275 

364  10     789 

16          396  45 

232  12 

36  40 

2165  7C 

I      300 

7650 

Net  gain  425 

06          600 

275 

1100 

Cost  main- 

60 

270 

tenance 

8645 

1426  20 

376  18 

Cost  plant  14290  57 

127  30 

9395  81  Cost. 

ELEMENTARY  SET. 


31 


COMPLEMENTARY  WORK. 

Oct.  31. 

Exercises  in  Furniture  and  Fixtures  Investment,  and  Repairs 
and  Renewals  Accounts. 

Text— pages  116-117. 
1.  2. 

F.  &F.         F&F-R&R.  F&F.          F  &  F  -  R  &  R. 

7  35 

2  50 
4  25 
2  60 
16  70 


287 

20 

3 

50                                    29 

60 

50 

5 

22 

50 

2 

35 

1 

75                                      2 

25 

50 

3 

60                                     42 

50 

23 

75 

13 

85                                    16 

60 

17 

50 

18 

75 

24 

132 

20 

30 

6 

50 

441 

80 

Arithmetical  Problems. 

1. 

F& 

F            F& 

F-R&R.                            F&P 

27  50 

22         3 

25 

12  50                         11 

50 

35 

6 

75 

16 

75 

1250 

4 

80 

84 

50 

5  40 

2 

25 

90 

24 

8 

75 

36 

104  40 

25 

80 

45 

22 

12 

50 

3 

70 

82  40 

Cost.        13 

30 

Cost.                            80 

2. 


90 


F&F--R&R 

9  25 

2  50 
50  _ 
61  75  Cost. 


Total  367  45 

Cost    277  45  I 

Nov.  11. 

Exercises  in  Bank  Discount. 
Budget— pages  89-90. 

1.   Note  due  July  1.                              Cash  Book  Dr.  -  Notes  Rec. 
Unexpired  time,  60  days.                               "     Cr.  -  Discount 
Discount  $4  26.  60  ds 


425  50 
4  26 


2.  Note  due  Feb.  12. 
Unexpired  time,  60  days. 
Discount  $12  21. 

3.  Note  due  Nov.  8. 
Unexpired  time,  30  days. 
Discount  $4  23. 

4.  Note  due  Mar.  31. 
Unexpired  time,  78  days. 
Discount  $8  65.    At  7%,  $10.09. 

5.  Note  due  Dec.  15. 
Unexpired  time,  42  days. 
Discount  5%  -  $10  19. 


Cash  Book  Dr.  -  Notes  Rec.  1220  60 
"         "    Cr.  -  Discount. .       12  21 


Cash  Book  Dr.  -  Notes  Rec. 
"         "    Cr.  -  Discount. . 


845  32 
4  23 


Cash  Book  Dr.  -  Notes  Rec.     665  20 
"         "    Cr.  -  Discount. .         8  65 


Cash  Book  Dr.  -  Notes  Rec.   1746  45 
"    Cr.  -Discount..       10  19 


32 


ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Nov.  15. 

Exercises  in  Opening  Double  Entry  Books. 
Budget— page  92. 
Journal  Entries. 


1. 

Cash 2250 

Inventory 775 

Notes  Rec 225 

Building  and  Lot 3500 

W.  M.  Hartman 185 

R.  C.  Martin,  Cap 6935 


2. 

Cash 5000 

Inventory 2400 

Notes  Rec 1800 

Interest 96  50 

Real  Estate 4300 

Stewart  &  Co 212  25 

Robt.   Cranton   &Son....     700 

Notes  Payable 960 

John  G.  Hall,  Cap 12148  75 


Nov.  15. 

Exercise  in  Delivery  Equipment  Account. 
Text— page  118. 


200 

50 

25 
8  50 
150 

65 


513  50 

Net  cost  413  50 


100 


ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 


33 


Nov.  30. 

Exercises  in  Preparing  Combined  Trading  and  Profit  and  Loss 

Statements,  and  Statements  of  Resources  and  Liabilities. 

Budget— pages  102,  103,  104. 

No.  1. 
Trading  and  Profit  and  Loss  Statement,  June  30, 19    .    H.  M.  Grace. 


Returns. 

Gross  Sales 5932  63 

Less,  -  Rebates  and  allowances 7  46 

Net  returns  from  sales 5925  17 

Costs. 

Inventory,  May  31,  19     1624  25 

Purchases 4188  58 

Less,  -  Goods  returned 5  16 

Rebates  and  allowances 12  24          17  40    4171  18 

Total  cost  of  purchases 5795  43 

Less  Inventory,  June  30,  19     592  57 

Cost  of  merchandise  sold 5202  86 

Gross  trading  profit 722  31 

Profit  from  sale  of  Valley  Truck  Farm 350 

Farm  Income 143  43 

Total  profits , 1215  74 

Expense 132  40 

Loss  from  sale  of  Farm  Equipment 30 

Store  and  Lot  Expense 26  87 

Farm  Expense 9214 

Interest 9  17 

Total  losses 290  58 

Net  profit  for  the  month 925  16 

Closing  Entry. 

Inventory  % 592  57 

Sales  % 5925  17 

Profit  and  Loss  % 320 

Farm  Expense  and  Income 51  29 

Inventory  % 1624  25 

Purchases  % 4171  18 

Expense  % 132  40 

Store  and  Lot  Expense 26  87 

Interest 9  17 

H.  M.  Grace,  Cap.  % 925  16 


34  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 
NOT.  30. 
No.  1. 
Statement  of  Resources  and  Liabilities,  June  30, 19 


H.  M.  Grace. 


Resources. 

Cash 1289  96 

Inventory,  June  30 592  57 

Store  and  Lot  Investment 3591  25 

Furniture  and  Fixtures 85  60 

C.  D.  Watson  &  Co 1156  84 

Mitchell  Provision  Co. 249  70 

Columbia  Produce  Co 685  21 

Total  accounts  receivable 2091  75 

Total  resources 7651  13 

Liabilities. 

Notes  Payable 1316  20 

H.  M.  Grace,  Personal  % 25  60 

J.  A.  Amsbaugh 317  80 

Tulsa  Milling  Co 926  18 

Total  accounts  payable 1243  98 

Total  liabilities 1  2585  78 

Net  resources 5065  35 

Represented  by 

H.  M.  Grace's  Capital  % 4140  19 

Add  net  profit  for  month 925  16 

506535 


ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Nov.  30— Continued. 

No.  2. 

Trading  and  Profit  and  Loss  Statement,  April  30,  19 
John  B.  Arnold. 


35 


Returns. 

Gross  sales 4942  97 

Less,  -  Goods  returned 22  13 

Net  returns  from  sales 4920  84 

Costs. 

Inventory,  Mar.  31,  19    1025  13 

Purchases 3679  85 

Less,  -  Rebates  and  allowances 18  54 

Personal  use  J.  B.  A 10  45         28  99    3650  86 

Total  cost  of  purchases 4675  99 

Less  -  Inventory,  April  30,  19     721  43 

Cost  of  merchandise  sold 3954  56 

Gross  trading  profit 966  28 

Farm  Income 56  84 

Total  Profits 1023  12 

Expense 159  45 

Store  and  Lot  Expense 115  42 

Interest 14  41 

Farm  Expense 79  49 

Total  losses ~  368  77 

Net  profit  for  the  month 654  35 

Closing  Entry. 

Inventory  %..  721  43 

Sales  % 4920  84 

Inventory  % 1025  13 

Purchases  % 3650  86 

Expense  % 159  45 

Store  and  Lot  Expense 115  42 

Farm  Expense  and  Income 22  65 

Interest 14  41 

John  B.  Arnold  Cap.  % 654  35 


36  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Nov.  30.— Continued. 

No.  2. 

Statement  of  Resources  and  Liabilities,  April  30,  19 
John  B.  Arnold. 


Resources. 


Cash 2811  11 

Inventory,  April  30,  19    721  43 

Notes  Receivable 903  90 

Store  and  Lot  Investment 3514  20 

Furniture  and  Fixtures 189  90 

R.  A.  Johnson 526  80 

E.  R.  Payne 325  92 

Edward  Parker 741  56 

Total  accounts  receivable 1594  28 

Total  resources "~         ~~   9734  82 

Liabilities. 

Notes  Payable 2126  50 

John  B.  Arnold,  Personal  % 126  42 

R.  J.  Smith  &  Co 1626  60 

Jones  &  Warner 1425  15 

Total  accounts  payable 3051  75 

Total  liabilities "   5304  67 

Net  resources 4430  15 

Represented  by 

John  B.  Arnold's  Capital  % 3775  80 

Add  profit  for  the  month 65435     443015 


ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 

Nov.  30— Continued. 

No.  3. 

Trading  and  Profit  and  Loss  Statement,  Dec.  31,  19 
J.  M.  Warren. 


37 


Returns. 


Gross  sales 15829  03 

Less,  -  Goods  returned 29  58 

Rebates  and  allowances 53  24        82  82 

Net  returns  from  sales 15746  21 

Costs. 

Inventory,  January  1,  19     2647  19 

Purchases 14048  29 

Less,  -  Goods  returned 122  50  13925  79 

Total  cost  of  purchases 16572  98 

Less  Inventory,  Dec.  31,  19     3624  80 

Cost  of  merchandise  sold "   12948  18 

Gross  trading  profit 2798  03 

Store  and  Lot  income 514  48 

Farm  Income 67  96 

Interest 22  60 

Profit  from  sale  of  White  Oak  Farm 450 

Total  profits 3853  07 

Store  and  Lot  Expense 495  27 

Farm  Expense 197  63 

Loss  on  sale  of  Farm  Equipment 25 

Expense 1025  42 

Total  Losses ~  .JZ4?.?? 

Net  profit  for  year 2109  75 

Closing  Entry. 

Inventory  % 3624  80 

Sales  % 15746  21 

Store  and  Lot  Expense  and  Income ...        19  21 

Interest 22  60 

Profit  and  Loss  % 425 

Inventory  % 2647  19 

Purchases 13925  79 

Farm  Expense  and  Income 129  67 

Expense 1025  42 

J.  M.  Warren,  Cap.  % 2109  75 


38  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 
Nov.  30— Continued. 

Statement  of  Resources  and  Liabilities,  Dec.  31,  19 
J.  M.  Warren. 


Resources. 
Cash                                  

2988  92 

Notes  Receivable                    

2214  45 

Inventory  Dec  31   19                        . 

3G24  80 

Store  and  Lot  Investment  

4215  90 

Furniture  and  Fixtures  

322  40 

Personal  Accounts  Receivable  

5114  34 

J.  M.  Warren,  Personal  %  

19  16 

Total  resources 

18499  97 

Liabilities. 
Notes  Payable 

4629  45 

Personal  Accounts  Payable  

3514  26 

Total  Liabilities  

8143  71 

Net  resources    .         

inocft  oc 

Represented  by 
J.  M.  Warren's  Capital  %  .    . 

8246  51 

lUOOO  ^0 

Add  profit  for  this  month  

2109  75 

10356  26 

ELEMENTARY  SET.  39 

COMPLEMENTARY  WORK. 
Nov.  30 — Continued. 

No.  4. 
Trading  and  Profit  and  Loss  Statement,  Dec.  31,  19    .     F.  B.  Clarke, 


Returns. 
Gross  sales 

15834  61 

Less,  —  Goods  returned  72  46 

Rebates  and  allowances  89  20 

161  66 

Net  returns  from  sales  

15672  95 

Costs. 
Inventory  Jan   1    19 

3453  25 

Purchases  14347  72 

Less,  —  Goods  returned  29  45 

Rebates  and  allowances  56  24 
Donation  for  charity  at  cost  .  .  20  85 
Personal  use  F.  B.  C  19  32         125  86 

14221  86 

Total  cost  of  purchases  

17675  11 

Less  Inventory,  Dec.  31,  19 

3720  14 

Cost  of  merchandise  sold       

13954  97 

Gross  trading  profit    .                    

1717  98 

Farm  Income  

175  15 

Total  profits              

1893  13 

Store  and  Lot  Expense 

256  70 

Farm  Expense     

50  59 

Expense                          

1526  30 

Interest  

125  80 

Total  losses  

1959  39 

Net  loss  for  the  year  

66  26 

Closing  Entry. 

Inventory  % 3720  14 

Sales  % 1567295 

Faim  Expense  and  Income 124  56 

F.  B.  Clarke,  Cap.  % 66  26 

Inventory  % 

Purchases  % 

Store  and  Lot  Expense 

Expense  % 

Interest 


3453  25 

14221  86 

256  70 

1526  30 

12580 


40  ELEMENTARY  SET. 

COMPLEMENTARY  WORK. 
Nov.  30— Continued. 

No.  4. 
Statement  of  Resources  and  Liabilities,  Dec.  31,  19 


F.  B.  Clarke. 


Resources. 

Cash 1170  46 

Notes  Receivable 3312  62 

Inventory,  Dec.  31.  19 3720  14 

Store  and  Lot  Investment 5245 

Green  Spring  Farm  Investment 2092  60 

Furniture  and  Fixtures 529  70 

Farm  Equipment 425  62 

Personal  Accounts  Receivable 1879  50 

F.  B.  Clarke,  Personal  % 21  15 

Total  Resources 18396  79 

Liabilities. 

Notes  Payable 3975  29 

Personal  Accounts  Payable 4191  26 

Total  liabilities 8166  55 

Net  resources 10230  24 

Represented  by 

F.  B.  Clarke,  Capital  % - 10296  50 

Less  net  loss  for  the  year 66  26 

~'  10230  24 
i 


TEXT  BOOK. 

SYLLABUS  No.  3. 

Exercises  in  Warehouse  Supplies  Accounts. 

Page  59. 

1. 


Boxes 146  19 

Brls 8 

Nails 4  75 

Paper 18  45 

Twine 450 

Strap 31  20 

Excel 6  70 

219  79 


Boxes 

Trad.  %. . . 


13  20 
206  59 


219  79 


Addition  to  cost  of  mdse 206  59 

Arithmetical  Problems. 


41 


Costs. 

Deductions. 

151  50 

9  60 

34 

1250 

3  50 

22  10 

10  20 

22  16 

5 

21  60 

950 

25746 

22  10 

235  36  Increased  cost. 

Costs. 

216  50 

261984 

54  26 

34 
11640 

71  20 
311220" 

6040 
3051  80  Net  Cost. 


Exercises  in  Warehouse  Labor  Accounts. 
Page  61. 


Deductions. 
1520 
4520 
6040 


1. 

250 
311  45 
350 
320 
216  65 
234  17 

3765 
1644  62  Trad.  % 

168227 

168227 

Arithmetical  Problem. 

Costs. 

160 

175 

17350 

119  75 

16050 

148  75 

80 

87  50 

141  50 

137  50 

163 

121  50 
1668  50 

74  50 
1594  00  Net  Cost. 


42 


TEXT  BOOK. 


SYLLABUS  No.  3. 
Exercises  in  Purchase  and  Sales  Discounts. 


Page  68. 


1. 

Prch.  Discount. 

Trad. 

26  11 
742 
%  2115  91 

214944 

31745 
28750 
411  16 
27576 
471  12 
386  45 

214944 

(a)  Would  decrease  cost  of  prchs. 

(b)  Would  increase  gains  or  decrease 


2. 

Sales  Discount. 


326  65 

6  50 

512  62 

3  65 

387  90 

2262  77 

Trad.  % 

216  65 

31230 

516  80 

2272  92 

2272  92 

Prch.  Discount. 


Sales  Discount. 


Trad. 

%35  13 

14  60 

8  12 

5  75 

6  66 

35  13 

35  13 

3  65 

31  67  Trad.  % 

1345 

641 

3  66 

450 

31  67 

31  67 

Arithmetical  Problems. 


1. 


416  21 
21320 

67  89 
69730 

24  83 
672  47  =  Net  Discounts. 


2. 


8998 
11496 
34225 
211  88 
401 
74001 
1900  08 

85 
1815  08  =  Net  Discounts. 


TEXT  BOOK. 

SYLLABUS  No.  3. 

Exercises  in  Preparing  Trading  Statements. 

Page  75. 

1. 


43 


Returns. 
Gross  Sales  

6824  50 

Less  —  Rebates  and  allowances  .  .  56  91 

Goods  returned                                             12  30 

69  21 

Deduct  -  Sales  discount  

6755  29 
163  20 

Net  returns  from  sales 

6592  09 

Costs. 
Inventory  -  close  last  fiscal  period. 

6981  46 

Purchases  3010  50 

Less  -  Rebates  and  allowances  28  17 

Goods  returned  19  14         47  31 

9QA3  1Q 

Add  Warehouse  supplies    

125  47 

Warehouse  labor  

112  50 

Total  cost  of  purchases 

10182  62 

Deduct  Purchase  discounts  

212  44 

Net  cost  of  purchases 

9970  18 

Less  Inventory  present  fiscal  period  

5147  96 

Cost  of  merchandise  sold  .'  

482222 

Gross  trading  profit.  .  . 

1769  87 

Journal  entries  opening  trading  account. 

Sales 6755  29 

Purchase  discounts 212  44 

Inventory    (present) 5147  96 

Trading  % 

Trading  % 12115  69 

Purchases 

Inventory  (last) 

Warehouse  supplies 

Warehouse  labor 

Sales  discounts 

P.&L.% 


12115  69 


2963  19 

6981  46 

125  47 

112  50 

163  20 

1769  87 


Journal  entry  omitting  trading  account,  -  Same  as  above,  omitting  "trad- 
ing %"  items. 


44 


TEXT  BOOK. 

SYLLABUS  No.  3. 
Trading  Statements— Continued. 

2. 


Returns. 
Gross  Sales      

38500 

Less  —  Goods  returned  

1500 

37000 

Deduct  —  Sales  discount 

490 

Net  returns  from  sales  

36510 

Costs. 
Inventory  (last  fiscal  period) 

16000 

Purchases  45900 

Less  -  Goods  returned          300 

45600 

Add  -  Warehouse  supplies  

475 

Warehouse  labor  

850 

Total  cost  of  purchases  

62925 

Less  -  Inventory  (present  fiscal  period)  

29336  45 

Cost  of  merchandise  sold  

33588  55 

Gross  trading  profit.  . 

2921  45 

Journal  Entry. 

Sales 37000 

Inventory 29336  45 


Trading 


Trading  % 66336  45 

Inventory 

Purchases 

Warehouse  supplies 

"          labor 

Sales  discounts 

P.AL.% 


66336  45 


16000 
45600 

475 

850 

490 
2921  45 


TEXT  BOOK. 

SYLLABUS  No.  3. 
Trading  Statements— Continued. 
3 


45 


Returns. 
Gross  sales  .  .            .   .       

28343  77 

Less  —  Rebates  and  allowances  . 

238  45 

Deduct  -  Sales  Discounts  

28105  32T 
432  50 

Net  returns  from  sales  

27672  82 

Costs. 
Inventory  (last  period)  

9455  28 

Purchases.    ..                  .                                    2236454 

Less  -  Rebates  and  allowances  148  50 

22216  04 

Add  —  Warehouse  supplies 

370  20 

"         Labor  

1220 

Total  cost  of  purchases  

33261  52 

Deduct  —  purchase  discounts 

316  45 

Net  cost  of  purchases  

32945  07 

Less  -  Inventory  (present) 

8990  60 

Cost  of  Mdse.  sold 

23954  47 

Gross  trading  profit.  .  . 

1 

371835 

Journal  Entry. 

Inventory  (present) 8990  60 

Sales 28343  77 

Purchase  Discounts 316  45 

Purchase  Rebates  and  allowances 148  50 

Inventory  (last) 

Purchases 

Warehouse  Supplies 

Warehouse  Labor 

Sales  Rebates  and  allowances 

Sales  Discounts  . . 


945528 

2236454 

37020 

1220 

238  45 

43250 


46 


TEXT  BOOK. 

SYLLABUS    NO.  3. 

Trading   Statements— Continued. 

4. 


Returns. 
Gross  Sales. 

138984  12 

Less  —  Rebates  and  allowances  

438  68 

138545  44 

Deduct  -  Sales  Discounts  

711  28 

Net  returns  from  sales  

137834  16 

Costs. 
Inventory  (last) 

33400 

Purchases    .                                              124365  90 

Less  —  Rebates  and  allowances                   147  77 

124218  13 

Add  -  Freight  In  

1743  45 

Warehouse  Supplies     .                  ... 

847  19 

"         Labor  

1463  70 

Total  cost  of  purchases. 

161672  47 

Deduct  -  Purchase  discounts  

4,54  86 

Net  cost  of  purchases  

161217  61 

Less  -  Inventory  (present)  

49312  30 

Net  cost  of  Mdse.  sold 

111905  31 

Gross  Trading  profit  

25928  85 

Journal  Entry. 

Sales 138984  12 

Purchase  Rebates  and  allowances 147  77 

Purchase  Discounts 454  86 

Inventory  (present) 49312  30 

Purchases 

Inventory 

Freight  In 

Warehouse  Supplies 

Warehouse  Labor , 

Sales  Rebates  and  allowances 

Sales  Discounts , 

P.  &  L.  % 


124365  90 

33400 

1743  45 

847  19 

1463  70 

438  68 

711  28 

2592885 


TEXT  BOOK. 

SYLLABUS  No.  3. 
Trading  Statements — Continued. 

5. 
Purchases. 


47 


Prchs 66719  25 

Fr.,  Exp.,  Dra 793  50 

Dut.,  Stor.,  etc 3670 

Com.  and  Sal 1600 

Ware.  Exp 2150 

74932  75 


Prch.  Ret 250 

Reb.  and  allow 378  50 

Sale  on  Com 1200 

Rebates  on  frt.  bills 66 

1894  50 

Bal...  ..7303825 


Returns. 
Gross  Sales  

59718  50 

Less  —  Sales  Discts  

928  75 

Net  returns  from  sales  

58789  75 

Costs. 
Inventory  (last)  

9845 

Purchases                                                             66719  25 

Less  -  Goods  returned  250 

Reb.  and  Allow.                      378  50 

Goods  shipped  for  sale  1200 
Frt.  rebates  66             1894  50 

64824  75 

Add  -  Frt.  Exp.  and  Dra.  ... 

793  50 

Duties,  Stor.,  etc 

3670 

Pch.  Agent's  Com  

1600 

Warehouse  Expense  

2150 

Total  cost  of  goods  purchased  

82883  25 

Less  -  Inventory  (present)  

26750 

Cost  of  Mdse.  sold  

56133  25 

Gross  trading  profit  

2656  50 

Journal  Entry. 

Sales 59718  50 

Inventory  (present) 26750 

Sales  Discts 928  75 

Inventory  (last) 9845 

Purchases 73038  25 

P.  &  L  % 2656  50 

(d)  Cost  mdse.  sold,  56133  25  -  Gross  trading  profit,  2656  50. 

(e)  Cost  of  goods  purchased . . .  82883  25 

Less  -  Inventory 23345  50 

Cost  of  mdse.  sold 59537  75 

Net  returns  from  sales 58789  75 

Gross  trading  loss 74800 


48  TEXT  BOOK. 

SYLLABUS  No.  3. 
Trading  Statements— Continued. 

6. 

(a)  Purchases 41315 

Sales 39816 

Returned  Sales 450 

Warehouse  Expenses 475 

Warehouse  Labor 950 

Sales  Discounts 245 

(b)  Returns. 

Sales 39816 

Less  -  Returned  sales 450 

Net  invoice  price  of  sales 39366 

Deduct  -  sales  discts 245 

Net  returns  from  sales 39121 

Costs. 

Purchases 41315 

Add  Warehouse  Expense 475 

"         Labor 950          1425 

Net  cost  of  purchases 42740 

Less  -  Inventory  (present) 7863 

Net  cost  of  goods  sold 34877 

Gross  trading  profit 4244 

(c)  Journal  Entry. 

Sales 39816 

Inventory 7863 

Purchases 41315 

Ret.  Sales 450 

Ware.  Expense • . . .  475 

Ware.  Labor 950 

Sales  Discounts 245 

P.  &L% 4244 


TEXT  BOOK. 


49 


SYLLABUS  No.  3. 
Trading  Statements — Continued. 

Page  78  -  Arithmetical  Problems. 


Costs. 

Invt 6750 

Prchs 27315 

Frt 226 

Duties 112 

Ware.  Sup 133 

Ware.  Lab 375 

Total  cost  of  purch..  34911 
Prch.  R.  and  A  328  75 

Prch.  Ret 95 

Prch.  Dis 212  635  75 

Net  Cost 34275  25 

Cost  of  Prchs 34275  25 

Cost  of  sales 34275  25 

Net  ret.  from  sales  . .  31476  75 


Sales. 

Total  sales 32421  50 

Ret.  Sales 428  75 

Net  sales 31992  75 

Sales  discounts 516 

Net  returns  from  sales  31476  75 

Net  Cost 34275  25 

Gross  Trad.  Loss . .        2798  50 


Costs. 

Invt 8650 

Prchs 39423  50 

Agts.  Com.  and  Ex. .  628 

Ware.  Ex 2065 

Duties 845 

Total  cost  of  purch..  51611  50 

Cr 1126  12 

Ship 1600 

Prch.  Dis. .     894  3620  12 

Net  cost  prchs 47991  38 

Invt....... 7833  48 

Cost  sales..               .  40157  90 


Sales. 

Gross  Sales 43318  60 

Ret.  Sales 983 

Net  sales 42335  60 

Sales  Dis 1225 

Net  returns  from  Sales  41110  60 

Cost  Sales. 40157  90 

Gross  Trading  Profit .  952  70 


4. 
Gross  trading  profits  same  as  shown  in  trading  statements. 


50 


TEXT  BOOK. 

SYLLABUS  No.  3. 

Exercises  in  Sales  Expense  Accounts. 
Page  84. 

1.  2. 


1500 

5473  42  P.  &  L.  %      1200 

300 

846  15 

618  26 

3024  52  P.  &  L.  % 

341  60 

45 

85 

185  30 

216  25 

216  50 

180  67 

175  16 

218  90 

25 

116  45 

45  60 

190 

213  70 

60 

600 

480 

3324  52 

3324  52 

126  50 



= 

2325 

Net  cost   3024  52 

31  75 

720 

6530 

211  60 

60 

5473  42 

5473  42 

Page  85  -  Arithmetical  problems. 


1. 


Costs. 

Less 

900 
316  75 
165 

57  50 
78  75 
12 

137  50 
111  60 

14825 

80 
300 

75 
18 
26  30 

cost. 

2130  15 
14825 

1981  90  Net 

Costs.  Less 

1567  18       9  60 
216  40       21  50 
262  81        4  12 
387  90       35  22 
86  50 
2520  79 
3522 

2485  57  Net  cost. 


TEXT  BOOK. 

SYLLABUS  No.  3. 
Exercises  in  Administrative  Expense  Accounts. 

Page  90. 

1. 


51 


3000 

12  50 

1200 

2  60 

157  16 

122 

5731  89  P.  &  L.  % 

71  65 

500 

200 

150 

346  18 

2. 

5000 

7290  44  P.  &  L.  % 

1800 

142  75 

130 

81  50 

50 

86  19 

729044 

729044 

5746  99 


5746  99 


Net  cost    5731  89 
Page  91  -  Arithmetical  Problems. 

1. 

4000 
1600 
9645 
150 
9235 
700 
380 
167  18 
7185  98  Net  cost. 


Net  cost    7290  44 


2. 

2500 
975 

60 

7230 

61  25 
250 

75 

30 

75 
4098  55  Net  cost, 


Exercises  in  Insurance  Accounts. 
Page  97. 

1. 


Mar.   1     1  yr.  1% 

Aug.   1    lyr.  U% 

Nov.  1    lyr.  U% 


80 
75 
12  50 

167  50 


Dec.  31  10  mo 66  67 

31  5  mo 31  25 

31  2  mo 208 

Balance 67  50 

167~50 


2. 


Jan.    2 48 

Mar.   15 19  20 

Apr.    1 2880 


Balance. 


96  00 
11  20 


July    1 20 

1 28 

Dec.  31 15  20 

31 21  60 

84  80 


52 


TEXT  BOOK. 

SYLLABUS  No.  3. 
Exercises  in  Insurance  Accounts. 
3. 


Page  97. 


Date  of 

entry 

Exp'd 
time 

On 

policy  of 

Exp'd 
Pre.  val. 

Totals 
per  mo. 

Jan.  4....  4000  1  09  43  20 
Feb.  28....  2000  1  08  21  60 
Mar.  25.  .  .  .  6000  1  08  64  80 
July  7....  3000     32  40 
Nov.  1....  2000     21  60 
I....  2000     21  60 

Jan.  31 
Feb.  28 
Mar.  31 
31 
Apr.  30 
30 
30 
May  31 
31 
31 
June  30 
30 
30 
July  31 
31 
31 
31 
Aug.  31 
31 
31 
31 
Sep.  30 
30 
30 
30 
Oct.  31 
31 
31 
31 
Nov.  30 
30 
30 
30 
30 
30 
Dec.  31 
31 
31 
31 
31 
31 

1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 
1  mo. 

Jan.  4 
4 
4 
Feb.  28 
Jan.  4 
Feb.  28 
Mar.  25 
Jan.  4 
Feb.  28 
Mar.  25 
Jan.  4 
Feb.  28 
Mar.  25 
Jan.  4 
Feb.  28 
Mar.  25 
July  7 
Jan.  4 
Feb.  28 
Mar.  25 
July  7 
Jan.  4 
Feb.  28 
Mar.  25 
July  7 
Jan.  4 
Feb.  28 
Mar.  25 
July  7 
Jan.  4 
Feb.  28 
Mar.  25 
July  7 
Nov.  1 
Nov.  1 
Jan.  4 
Feb.  28 
Mar.  25 
July  7 
Nov.  1 
Nov.  1 

3  60 

3  60 
3  60 

5  40 

10  80 
10  80 
1080 

13  50 
13  50 
13  50 

13  50 

17  10 
17  10 

3  60 

3  60 
1  80 
~  3  60 
1  80 
5  40 

3  60 
1  80 
5  40 

3  60 
1  80 
5  40 

3  60 
1  80 
5  40 
2  70 

3  60 
1  80 
5  40 
2  70 

3  60 
1  80 
5  40 
2  70 

3  60 
1  80 
5  40 
2  70 

3  60 
1  80 
5  40 
2  70 
1  80 
1  80 

3  60 
1  80 
540 
2  70 
1  80 
1  80 

205  20 

Balance 

133  20 
72 

TEXT  BOOK. 

SYLLABUS  No.  3. 

Exercises  in  Preparing  Profit  and  Loss  Statements. 
Page  124. 

1. 

Credits. 


53 


Gross  trading  profit  P&L  % 

Debits. 

Selling  Expense 2836  50 

Freight 419  98  3256  48 

Administrative  Expense 4127  62 

General  Expense 1541  24 

Insurance  Expense 226  15 

Interest 35  50 

Real  Estate  Expense  and  Income 260  45 

Furniture  and  Fixtures  Repairs  and  Renewals 43  75 

Net  profit  for  year 

(Detailed  Statement) 

Credits 

Gross  trading  profit.        P.  &  L  % 

Debits. 
Selling  Expenses. 

Sample  cases 90  44 

Advertising  and  Premiums 642  20 

Delivery  charges 426  25 

Salesmen's  salaries  and  com 14  00 

Traveling  exp 125  10 

Miscellaneous 152  51 

Total 2836  50 

Freight 419  98          3256  48 

Administrative  Expenses. 

Office  supplies 152  16 

Legal  advice 15 

Salaries  of  office  help 815  60 

Managers'  salaries 3000 

Miscellaneous 144  86  4127  62 

General  Expenses. 

Light  and  heat 315  25 

Rent 1200 

Miscellaneous 25  99  1541  24 

Insurance  Expense 226  15 

Interest 35  50 

Real  Estate  Expense  and  Income 2GO  45 

Furniture  and  Fixtures  Repairs  and  Renewals 4375 

Net  profit  for  year 

Journal  Entry  (for  both  statements). 

Profit  and  Loss 23876  40 

Sales  Expense 2836  50 

Freight 41993 

Administrative  Exp 4127  62 

General  Exp 1541  24 

Insurance  Exp 226  15 

Interest 35  50 

Real  Estate  Expense  and  Income 260  45 

Fur.  and  Fix.  repairs  and  renewals 43  75 

Undivided  Profits 14385  21 


23876  40 


9491  19 


14385  21 


23876  40 


19 


14385  21 


54 


TEXT  BOOK. 

SYLLABUS  No.  3. 
Profit  and  Loss  Statements— Continued. 

2. 


Credits. 

34881  18 
437  25 
1400 

36718  43 

Interest 

Real  Estate  Income  

Sales  Expense        

Debits. 

3660  12 
6133  56 
1938  27 
720  20 
362  65 

12814  80 

Insurance  Expense 

Real  Estate  Expense  

Net  profit  for  one-half  year.  .  . 

23903  63 

(Detailed  Statement.) 


Credits. 
Gross  trading  profit                        

34881  18 

Interest                                           

437  25 

Real  Estate  Income  

1400                    36718  43 

Debits. 
Selling  Expenses. 
Salesmen's  salaries             

..  1600 

954  50 

436 

610 

59  62 

3660  12 

Administrative  Expenses. 
Officers'  salaries     

..  4000 

Office  help          

1400 

Office  supplies  

415  25 

318  31 

6133  56 

General  Expenses. 
Rent                

.  1800 

Miscellaneous  

138  27 

1938  27 

Insurance  Expense 

720  20 

Real  Estate  Expense  

362  65               12814  80 

Net  profit  for  one-half  year  

23903  63 

Journal  Entry. 
Profit  and  Loss                            

34881  18 

Interest             .                          

437  25 

Real  Estate  Income          

1400 

Sales  Expense  

3660  12 

6133  56 

1938  27 

720  20 

Real  Estate  exp                   .  . 

362  65 

Undivided  profits... 

•• 

23903  63 

TEXT  BOOK. 


55 


SYLLABUS  No.  3. 
Profit  and  Loss  Statements — Continued. 

3. 


Credits. 

Gross  trading  profit 

Profits  on  property  sale 

Real  Estate  rents 

Interest 

Purchase  discounts. . . 


Debits. 

Sales  Expense 396  31 

Salesmen's  salaries  and  exp 5160  75 

Advertising 2145  43 

Delivery  exp 739  20 

Freight 181  12 

Administrative  exp 363  78 

Salaries 9341  13 

Office  supplies 1186  61 

General  Expense 417  74 

Rent  and  taxes 3175 

Sales  discounts 1839  34 

Expired  insurance 616  17 

Discount 76  45 

Real  Estate  Repairs  and  Renewals 128  19 

Net  profit  for  period 


33746  87 

2638  40 

950 

319  50 

721  80 


8622  81 


10891  52 


6252  89 


37876  57 


25767  22 
12109  35 


56 


TEXT  BOOK. 


SYLLABUS  No.  3. 
Profit  and  Loss  Statements — Continued. 

3. 


Journal  Entry. 

Profit  and  Loss 33746  87 

%  showing  property  profit 2138  40 

Real  Estate  rents 950 

Interest 319  50 

Purchase  Discounts 721  80 

Sales  expense 396  31 

Salesmen's  salaries  and  expense 5160  75 

Advertising 2145  43 

Delivery  expense 739  20 

Freight 181  12 

(d)  25 . 5  %      Administrative  expense 363  78 

Salaries 9341  13 

(e)  32.2  %       Office  supplies 118661 

General  expense 417  74 

Rent  and  taxes 3175 

Sales  discounts 1839  34 

Expired  insurance 616  17 

Discount 76  45 

Real  Estate  Repairs  and  Renewals 128  19 

Undivided  profits 12109  35 


Arithmetical  Problems. 


1. 


2. 


9341  46 
105050 

8290  96  Net  Trading  Profit. 

1050  504-9341  46  =  11.2% 


1421  50  -T-  12736  15  =  11.1  %  Selling. 
1850       4-  12736  15  =  14.5  %  Admin. 
315        4-  12736  15  -  2.4  %  Gen.  Exp. 


6724  75 


3. 
18950  =  35.5% 


TEXT  BOOK. 

SYLLABUS  No.  3. 
Exercises  in  Distributing  Profits. 
Page  128. 

1,  2  and  3  same  as  in  text. 

4. 

Undivided  Profits 3160 

M.  G.  Nilan,  Personal 

M.  G.  Nilan,  Capital 


57 


15645 
3003  55 


5. 

Undivided  Profits 5630  10 

O.  P.  Hamlin,  Personal  . .  .• 

O.  P.  Hamlin,  Capital 

F.  W.  Gray,  Personal 

F.  W.  Gray,  Capital 

6. 

Undivided  Profits 16000 

Dividend 

Reserve  Fund  for  Dep 

Surplus  

Exercises  in  Combined  Statements. 
Page  146. 

2. 
Trading  and  Profit  and  Loss  Statement,  December  31,  19 

Hicks  and  Anthony. 
Journal  Entry  to  Close  Trading  Accounts. 

Sales 29341  37 

Purchase  discounts 821  76 

Inventory  (present) 9524  15 

Purchases 12618  35 

Inventory  (last) 19444  50 

Warehouse  supplies 221  50 

labor 1560  45 

Sales  discount 1425  80 

Profit  and  Loss  % 4416  68 


445 
330840 

556 
1320  70 


3000 
3000 
10000 


Journal  Entry  to  Close  Loss  and  Gain  Accounts. 

Profit  and  Loss 4416  68 

N.  W.  Hicks'  Cap.,  *  loss 644  83 

A.  R.  Anthony's  Cap.,  £  loss 644  83 

Sales  expense 2436 

Admin,  expense 1833  75 

General  expense 721  60 

Insurance  expense 528  37 

Interest 72  12 

Real  estate  expense 114  50 

The  above  entries  may  be  combined  into  one  entry  by  arranging  all 
debits  together  and  all  credits  together,  and  eliminating  the  debit  and 
credit  to  Profit  and  Loss  %  entirely. 


58 


TEXT  BOOK. 


SYLLABUS  No.  3. 

Exercises  in  Combined  Statements. 
Page  146. 

1. 

Combined  statements  shown  in  illustration  87. 
Journal  entry  shown  in  illustration  88. 
Statement  of  Resources  and  Liabilities  shown  in  illustration  93. 

Trading  and  Profit  and  Loss  Statement,  December  31,  19 
Hicks  and  Anthony. 

2. 


Returns. 
Gross  sales 

29341  37 

Less  -  sales  discounts  

1425  80 

27915  57 

Costs. 
Inventory  (last  period)  

19444  50 

Purchases                                                            12618  35 

Less  -  Purchase  discounts  821  76 

11796  59 

Add  —  warehouse  supplies  

221  50 

warehouse  labor  

1560  45 

Net  cost  of  purchases  

33023  04 

Less  inventory  

9524  15 

Cost  of  merchandise  sold.  . 

23498  89 

Gross  trading  profit 

4416  68 

Expenses. 
Sales  expense  

2436 

Administration  expense 

1833  75 

General  expense  ,  

721  60 

Insurance  expense   

528  37 

Interest  

72  12 

Real  estate  expense  

114  50 

5706  34 

Net  loss  for  the  period    ... 

1289  66 

N.  W.  Hicks'  Cap.  %>  \  net  loss  

644  83 

A.  R.  Anthony's  Cap.  %,  i  net  loss  

644  83 

1289  66 

1289  66 

TEXT  BOOK. 

SYLLABUS  No.  3. 
Combined  Statements— Continued. 

Statement  of  Resources  and  Liabilities,  December  31,  19 
Hicks  and  Anthony. 


59 


Resources. 

Cash 916  36 

Inventory,  Dec.  31 9524  15 

Notes  receivable 1690 

Accounts  receivable 7946  27 

Total  current  resources 20076  78 

Insurance  (unexpired  premiums) 61  50 

Real  estate  and  building 6500 

Furniture  and  fixtures 286  90 

Delivery  equipment 554  32      7341  22 

Total  resources 27479  50 

Liabilities. 

Accounts  payable 6423  19 

Notes  payable 2346  12 

Total  liabilities 8769  31 

Net  resources 18710  19 

Represented  by 

N.  W.  Hicks'  Cap 11174  93 

Less  Per.  % 1200 

Net  loss 644  83  1844  83    9330  10 

A.  R.  Anthony's  Cap .   11174  92 

Less  Per.  % 1150 

Net  loss 64483  179483     938009     1871019 


60 


April. 


TEXT  BOOK. 

SYLLABUS  No.  3. 

Exercises  in  Preparing  Analysis  Sheets. 
Page  149. 

1. 
May. 


June. 


Postage, 
Tele,  and 
Teleph. 

Light 
and 
Heat. 

Miscell. 

12  50 
1  75 
10 
3 
2  75 

16 
9  63 
6  15 

3  50 
3  50 
9  60 
3  50 
85 

31  78 

30  00 
Tot 

al  

105  10 
31  78 
30 

16688 

Postage, 
Tele,  and 
Teleph. 

Light 
and 
Heat. 

Miscell. 

1  30 
2  60 
12  50 
3  20 

6  75 
11  50 

7  75 
6 
85 

18  25 

98  75 
18  25 
19  60 

19  60 

136  60 

Postage, 
Tele,  and 
Teleph. 

Light 
and 
Heat. 

Miscell. 

10 

9  50 
3  20 

2  40 
4 
3  35 
7  50 
8  25 
8500 
11050 
12  70 
10 

12  70 

133  20 

Item. 

April. 

May. 

Total  2 
mo. 

June. 

Total 
3  mo. 

Coal  

16 

1G 

16 

Electric  light  

9  63 

11  50 

21  13 

9  50 

30  63 

Gas  

6  15 

6  75 

12  90 

3  20 

16  10 

Cleaning  

7 

7 

10  65 

17  65 

Telephone  

12  50 

12  50 

25 

25 

Telegrams  

1  75 

1  30 

3  05 

3  05 

Stationery  and  printing  

15  85 

7  75 

23  60 

23  60 

Postage.  . 

13 

2  60 

15  60 

10 

25  60 

Rent  

85 

85 

170 

85 

255 

Long  distance  calls  ...    . 

3  20 

3  20 

3  20 

License  

6 

6 

6 

Directory  

4 

4 

Brooms  and  supplies  

3  35 

3  35 

Repairing  typewriter  

7  50 

7  50 

166  88 

136  60 

303  48 

133  20 

430  68 

YC  45034 


5 


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